Lehman, Morgan Stanley post record for quarterly profits on merger boom
Article Abstract:
Morgan Stanley Dean Witter and Co. and Lehman Brothers Holdings Inc. both reported best ever quarterly profits ending May 31. Morgan Stanley's net income was up 45% to $850 million, or $1.37 a fully diluted share. Lehman's net income more than doubled to $324 million, or $2.12 a fully diluted share. Both firms benefited from the boom in mergers and from strong returns on their investment banking businesses in foreign markets. Lehmen's revenue in Asia rose 50% in the quarter. Both firms are finding propreitary trading opportunities in the Asian market.
Comment:
Quarterly earnings up, saying best ever
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Merrill is in talks about acquiring Midland Walwyn
Article Abstract:
Merrill Lynch and Co. may move back into the Canadian brokerage business with the acquisition of Midland Walwyn, Inc., Canada's largest brokerage business. The two firms are currently in talks regarding the proposal. Merrill Lynch is said to be prepared to pay about $900 million for the firm. Merrill had once sold its Canadian brokerage business, but the long bull market for stocks has made the business lucrative, and so makes the acquisition tempting to the biggest brokerage firm as measured by brokers in the U.S.
Comment:
The two companies talk about a proposed merger
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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