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Market Trepidations Overshadow Strong 2Q Financial Performance For U.S. Broker Dealers Aug 07 Product Image

Market Trepidations Overshadow Strong 2Q Financial Performance For U.S. Broker Dealers Aug 07

  • Published: August 2007
  • Region: United States
  • Standard & Poors

FEATURED COMPANIES

  • Bear Stearns Cos. LLC
  • ConvergEx Group LLC
  • IBG LLC
  • LaBranche & Co Inc.
  • LPL Holdings Inc.
  • MF Global Holdings Ltd.
  • MORE

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 READ MORE >

- 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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