Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Profit surge for securities firms

Thursday 18 June 1998 23:02 BST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Profit surge for securities firms

MORGAN STANLEY Dean Witter & Co and Lehman Brothers Holdings each reported record second-quarter earnings, led by a surge in corporate takeovers and stock and bond sales.

Morgan, the second-biggest US securities firm, said earnings for the three months ended 31 May rose by 45 per cent, while net income at Lehman, the fourth largest, more than doubled. Both trounced analysts' forecasts.

Profits in the securities industry in the US are running at a record pace for a third year. More than $1,000bn of announced mergers and $450bn of securities sales lifted investment banks' fees.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in