Goldman Sachs & Co slashed its earnings outlooks for five major rivals on Tuesday, citing mounting write-downs on mortgages, a slowdown in overall activity, and legal expenses.

Analysts led by William Tanona reduced third-quarter and full-year forecasts for Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz), JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), Lehman Brothers Holdings Inc (LEH.N: Quote, Profile, Research, Stock Buzz), Merrill Lynch & Co (MER.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz).