More generally, profits are expected to be well down on April-June 2007, due to the continuing global financial crisis.
The decline in the banking sector is expected to be particularly marked: while financial stocks contributed over $60 million to the Standard & Poor's index over the second quarter last year, the figure is expected to stand at just $24.6 billion this year.
In total, banks have written off over $300 billion due to the crunch - with that number to be added to in the upcoming three-month declarations.
Howard Silverblatt, Standard & Poor's senior index analyst, commented: "The earnings, which are a reflection of the economy in general, have been going down and unfortunately there's a lot of concern it will go down a lot more."
He added: "How long can they continue through the storm? Nobody believes the 'worst is behind us' comments from the CEOs because they can't predict where this economy is going."