NEW YORK ( TheStreet) -- Better late than never? Bank analyst Meredith Whitney, who earned widespread kudos for doing a better job than most of her peers in getting ahead of the mortgage crisis, just now got around to lowering her earnings estimates on Morgan Stanley ( MS)and Goldman Sachs ( GS), weeks after other analysts had already done so. A call to Whitney was not immediately returned. Whitney now expects Goldman to earn $1.70 per share in the second quarter, compared to her previous estimate of $4.75 per share, according to Streetinsider.com. The current average estimate of analysts surveyed by Thomson Reuters is for a profit of $2.34 a share for the June period. Whitney also cut her third-quarter profit estimate to $3.77 a share from $4.24 a share, vs. Wall Street's consensus view of $4.10 a share. For all of 2010, Whitney expects Goldman to earn $15.70 per share, down from an earlier estimate of $20 and below the average analysts' view of $16.76. For Morgan Stanley, Whitney slashed her second-quarter estimate to a profit of 40 cents a share from a prior view of 68 cents, Streetinsider.com said. That's a dime below the current average estimate of analysts polled by Thomson Reuters for earnings of 50 cents per share. While the first quarter featured blowout earnings for the big banks, the second quarter isn't expected to hit the same high notes with analysts saying trading revenue took a substantial hit. "Business is not good at the moment," said Rochdale Securities analyst Richard Bove of Morgan Stanley when he lowered his estimates on the pair of investment banks back on June 4. "The equity markets are performing poorly. The high yield markets have been cut back meaningfully. The strength exhibited earlier in currencies, rates, energy and metals is dissipating." Shares of Goldman Sachs finished Thursday down 59 cents at $135.43, and the stock is off roughly 20% year-to-date. Morgan Stanley shares closed up 23 cents at $24.18, and the stock is off around 19% so far in 2010. Action in the rest of the big banks was fairly positive with JPMorgan Chase ( JPM), Bank of America ( BAC), and Citigroup ( C) all moving incrementally higher against a slight decline for Wells Fargo ( WFC). Goldman Sachs and Morgan Stanley are both currently slated to report their second-quarter results on July 20. -- Written by Dan Freed in New York.