Merrill Lynch Profit Falls 36% in 2nd Quarter
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NEW YORK — Merrill Lynch & Co. on Tuesday said lower financial activity contributed to a 36% drop in its second-quarter profit.
Merrill Lynch, one of the nation’s largest investment houses, said net income totaled $53.5 million in the second quarter ended June 30, compared to $83.3 million a year ago.
Revenue during the quarter rose 8% to $2.5 billion from $2.3 billion in the second quarter of 1987.
William Schreyer, chairman and chief executive, said the results were “reasonable considering the difficult business environment experienced during the quarter.”
He said the period was marked by “a relatively lower level of activity in the financial markets.”
Commission revenue in the second quarter declined 35% to $393 million “due to reduced stock market activity,” the company said in a statement.
Investment banking revenue also declined--down 13% to $256 million--reflecting a lower level of mergers and acquisitions closings.
Revenue for the first six months totaled $4.9 billion, up 1% from $4.8 billion in the year-ago period.
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