US investment banks’ third-quarter gloom
NEWS
NEW YORK -- In financial results released last week, US investment banks reported a disappointing third-quarter. They warned of tough times ahead in the aftermath of terrorist attacks in New York on September 11, which have intensified chances of global recession.
"The market conditions of the third quarter were difficult, and those difficulties have intensified early in the fourth quarter," said Bear Stearns in a statement released last Wednesday, when the bank announced a 5% decline in Q3 net
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