Consolidation likely if profits fail to improve
Brokerage firms on the New York Stock Exchange lost just over US$7 billion in the fourth quarter of 2008, and while that was an improvement from a year ago, full year profits were down substantially.The NYSE reported that member firms that conduct business with the public recorded a fourth-quarter 2008 after-tax loss of US$7.25 billion, […]
Downturn comes as little surprise given sharp collapse in global equity markets
Operating profits down 18% from a year ago
Correction: The printed version of this story incorrectly stated that Fidelity plans to wind down its defined benefit pension record keeping business. Fidelity is winding down its defined contribution record keeping business.Mutual fund companies may be handing out pink slips, but if you’re an advisor scanning the want ads, there are jobs available.The grim headlines […]
A deep decline in IPOs, secondary issues and debt issues has led to depressed profits in the securities industry
Damages for breach are the amount of loss it caused to DS, court rules
Demise of stand-alone investment banks will likely lead to sharp decline in use of structured products
Brokerage firms on the New York Stock Exchange returned to profitability in the second quarter, although they reported a sharp decline from the same period a year ago.NYSE member firms that conduct business with the public reported after-tax profits of US$1.07 billion (for the second quarter, down from US$2.75 billion in the same quarter a […]
As financial services firms report their earnings, it’s clear that recovery is a long way off