Industry Report Card: U.S. Brokerage Companies May 04
Standard & Poors, May 2004
Abstract
The first quarter of this year is noteworthy for excellent earnings performance throughout the brokerage industry, driven principally by strong trading results, both for customers and on a proprietary basis. Just as the industry is off to a promising year, however, markets look to be turning in the wrong direction, which is principally due to rising interest rates or the threat thereof. Standard & Poor's views the rise in trading risk for individual firms to be acceptable based on a comparison to capital levels, which have also risen. Several firms have issued capital instruments of late and retained earnings have risen. The five largest independent firms (Merrill Lynch, Morgan Stanley, Goldman Sachs, Lehman Brothers, and Bear Stearns) anticipate being regulated...
Companies mentioned in this report are:
- Merrill Lynch & Co. Inc.
- Bear Stearns Cos. LLC
- Lehman Brothers Holdings Inc.
- Morgan Stanley
- Legg Mason Inc.
- Jefferies Group LLC
- The Goldman Sachs Group Inc.
- Charles Schwab Corp.
- Citigroup Global Markets Holdings Inc.
- LaBranche & Co Inc.
- E*TRADE Financial Corp.
- Credit Suisse (USA) Inc.
- Timber Hill LLC
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Merrill Lynch & Co. Inc.
- Bear Stearns Cos. LLC
- Lehman Brothers Holdings Inc.
- Morgan Stanley
- Legg Mason Inc.
- Jefferies Group LLC
- The Goldman Sachs Group Inc.
- Charles Schwab Corp.
- Citigroup Global Markets Holdings Inc.
- LaBranche & Co Inc.
- E*TRADE Financial Corp.
- Credit Suisse (USA) Inc.
- Timber Hill LLC
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