Friday, December 19, 2003

Quoting from Morgan Stanley, Goldman Earnings Rise on Trading, Share Sales

Seems the secuirities industry is on a high :)

Morgan Stanley, the second-largest securities firm, said profit rose 42 percent to $1.04 billion, or 94 cents a share, in the quarter ended Nov. 30. Goldman, the No. 3 firm, said net income almost doubled to $971 million, or a $1.89. Morgan Stanley raised its dividend for the first time since 2001.

Securities industry profits in 2003 are forecast to be the second highest on record, exceeding the $16.3 billion earned in 1999, according to the Securities Industry Association. The industry reported profit of $21 billion in 2000.

Lehman Brothers Holdings Inc., the fourth-biggest securities firm, said yesterday profit more than doubled to $481 million, or $1.71 a share. Bear Stearns Cos., the No. 7 securities firm, also said net income rose 51 percent to $288 million, or $2.19.

In mergers and acquisitions, Morgan Stanley ranked second in the quarter behind Goldman Sachs with $128 billion in announced transactions, according to Bloomberg data. It ranked fifth in completed agreements with 43 transactions valued at $28 billion. That compares with the company's first-place ranking in the same period last year when it had 70 transactions valued at $161 billion.

Goldman has been the No. 1 equity underwriter worldwide for at least the past five years, with a 12 percent market share this year, ahead of Citigroup at 11.2 percent, Bloomberg data show.



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