Record start for US investment banks
Morgan Stanley, Goldman Sachs, Lehman Brothers and Bear Stearns all experienced a strong first quarter, with net revenues from the fixed-income divisions superseding that of last year.
Net revenues from fixed-income sales and trading at Morgan Stanley were a record $2 billion, a 21% increase over Q1 2004. This reflected a broad-based increase, with strong performances across the interest rate and currency products, credit products and commodities groups.
Goldman Sachs also reported record
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