David Bailin, chief investment officer at Citi Private Bank, said company earnings could fall by 40% 'across the board' in the second quarter.
has infected over 2.4 million people globally, with the U.S. reporting the highest number of cases worldwide — around 760,000, according to data compiled by Johns Hopkins University.
"In the second quarter we expect earnings to literally fall by 40% or more across the board, and we don't expect earnings in the United States to get back to their first quarter levels for nine quarters from now," he said.
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