Economy woes rock Wall Street investment banks
FRONT PAGE NEWS
NEW YORK – The threat of global economic recession took its toll on full-year financial results at US investment banks, which published their financial reports in December.
Lehman Brothers, Morgan Stanley, Goldman Sachs and Bear Stearns all reported drops in total revenue last year, compared against figures for 2000. The investment banks’ fiscal year ended on November 30, 2001.
“This has been a difficult year, with the economic downturn and the extraordinary effects of September 11,”
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