Profits slip at Lehman Brothers
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.Confirming a downward blip last spring in Wall Street profits, Lehman Brothers revealed that its second quarter earnings this year slipped from first quarter levels. Lehman, which in recent weeks has been widely seen as a takeover target, said its net earnings for the quarter totalled $121m (pounds 73m), down from $144m in the first quarter. Even so, the second quarter earnings compared favourably with the same quarter last year, when they came in at $108m.
"Overall, the first half of 1997 was a very good one for the firm," commented Richard Fuld, Lehman's chairman and chief executive. "Despite an extremely difficult trading and underwriting environment in March and April, the second quarter earnings reflect continued progress in building on Lehman Brothers' position as a leading global investment bank."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments