Securities Firms News
Sun, 26 Sep 1999, 7:33pm EDT
2,000 Brokers to Get Million-Dollar '99 Bonuses, Crain's Says
New York, Sept. 26 (Bloomberg) -- Some 2,000 employees of
Wall Street securities firms will earn bonuses of $1 million of
more this year, almost double the number from 1998, Crain's New
York Business reported. About 75 executives will make more than
$10 million, four times the number who made that amount last
year, as securities companies report increased profit growth.
Goldman Sachs Group Inc. reported profit of $1.79 million for the
nine months ended Aug. 31, a 42 percent increase from the year
earlier, Lehman Brothers Holdings Inc. earned $745 million, a
27 percent increase, while Morgan Stanley Dean Witter Inc.
reported profit of $3.13 billion, up 56 percent, the paper said.
Lehman Brothers said last week third-quarter profit rose
93 percent to $2.20 a share, as trading revenue at the fourth-
largest U.S. securities firm surged, recovering from a plunge in
corporate and emerging-market bonds a year ago.
(Crain's 9/26, www.crainsny.com)
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