Market Trepidations Overshadow Strong 2Q Financial Performance For U.S. Broker Dealers Aug 07
Standard & Poors, August 2007
Abstract
Belying all the negative investor and media sentiments now enveloping the five major U.S.-based broker dealers Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearnssecond-quarter financial performance was extremely strong. Investment banking, trading, retail brokerage, and investment management results were all robust. M&A, financial sponsor, principal investments, and hedge fund activity were key drivers. Announced M&A activity reached an all-time high (see Chart 1), and IPO issuance recorded the second-best quarter. Not only was the strength broad-based across the broker-dealers' business lines, but across geographic regions. However, during the past month, the market environment has changed rapidly. Spurred initially by anxiety about the U.S. subprime mortgage sector, there has been a dramatic risk repricing throughout the capital markets....
Companies mentioned in this report are:
- Merrill Lynch & Co. Inc.
- Bear Stearns Cos. LLC
- Lehman Brothers Holdings Inc.
- Morgan Stanley
- Jefferies Group LLC
- The Goldman Sachs Group Inc.
- Charles Schwab Corp.
- LaBranche & Co Inc.
- TD AMERITRADE Holding Corp.
- E*TRADE Financial Corp.
- IBG LLC
- Raymond James Financial Inc.
- Lazard Group LLC
- LPL Holdings Inc.
- ConvergEx Group LLC
- Broadridge Financial Solutions Inc.
- MF Global Holdings Ltd.
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
- Jefferies Group LLC
- The Goldman Sachs Group Inc.
- Charles Schwab Corp.
- LaBranche & Co Inc.
- TD AMERITRADE Holding Corp.
- E*TRADE Financial Corp.
- IBG LLC
- Raymond James Financial Inc.
- Lazard Group LLC
- LPL Holdings Inc.
- ConvergEx Group LLC
- Broadridge Financial Solutions Inc.
- MF Global Holdings Ltd.
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