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To: tonyt who wrote (35886)	1/21/1999 8:00:00 PM
From: Glenn D. Rudolph	Respond to of 164684

Weak Trading Revenue Causes 32% Drop in DLJ's Earnings Dow Jones Newswires NEW YORK -- Donaldson Lufkin & Jenrette Inc. saw fourth-quarter net income slide 32%, hurt by weakened trading revenue. The eighth-largest securities firm said Thursday that net income totaled $68.7 million, or 47 cents a diluted share, down from $101.4 million, or 77 cents a share a year earlier. That latest results matched the mean estimate of analysts surveyed by First Call. Total revenue fell to $1.29 billion from $1.33 billion. However, Donaldson Lufkin said net revenue, total revenue minus interest expense, rose 4% to $958 million. DLJ said trading revenue plunged 78% to $6.9 million as a decline in global markets last fall was sparked by Russia's default on debt and currency devaluation. The company, which is majority owned by insurer Equitable Cos., posted a loss of $7.2 million on the performance of its portfolio of merchant banking investments, off from a $44.6 million gain a year ago. France's Axa UAP owns a majority share of Equitable. DLJ commission revenue rose to $228.9 million from $185.2 million. Underwriting revenue was $282.5 million, up from 253.8 million. DLJ said investment-banking fee revenues rose to $300.6 million from $234.7 million last year. In late morning trading, shares of DLJ fell $1.75 to $50.50 on the New York Stock Exchange.