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To: Wizard who wrote (147786)9/18/2002 7:39:20 PM
From: Lizzie Tudor  Read Replies (1) of 164684
 
Wizard- why would institutional equities trading be up from a year ago? Volume is down is it not? I suspected their mortgage backed securities area would do well and bonds but the institutions has me puzzled.
L

siliconinvestor.com
Bear Stearns' 3Q Profit Up 22 Pct.

Bear's third-quarter performance was helped by a 21.8 percent improvement in institutional equities trading from the year-ago period. Net revenue from that business was $297.99 million, compared with $244.74 million in the year-ago quarter. The business fell 6.8 percent from the second quarter.

Net revenue from bond trading also showed some improvement from a year ago, rising 2.8 percent to $427.6 million, but falling 19.7 percent from the second quarter. Bear's prominence in the mortgage-backed business continued to be a boon for the firm, even as difficult credit markets led to a drop in the investment grade, distressed debt and high-yield areas.

Investment banking continued to be weak, because of the ongoing slump in merger-and-acquisition activity as well as initial public offerings. Bear's investment banking net revenue dropped 37.3 percent to $133.9 million from a year-ago, and fell 70.3 percent from the previous three months.
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