US banks' downward trend continues
Lehman Brothers, Goldman Sachs and Bear Stearns all posted a decline in revenues from their fixed-income businesses last week, as a result of the weak US housing market.
Net revenues for the fixed-income capital markets business at Lehman Brothers were $1.9 billion, down 14% from the second quarter 2006 figure of $2.2 billion. The bank said continued weakness in US residential mortgage business and decreased revenues at the bank's municipal and interest rate products business was to blame.
Meanwh
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