When the tough get going. (US investment banks find it difficult to make profits in 1994)
Economist (US), The, October, 1994
Rising interest rates and new competitors have made it more difficult for investment banks to make money in 1994. Goldman Sachs announced a 70% drop in profits while Salomon Brothers reported a 3rd qtr loss of $104 million.
INVESTMENT banks everywhere have made the business of making money look deceptively simple in the past few years. None more so than the big American firms, which in global reach and profitability have towered above their foreign competitors. Last year the four top earners--Merrill Lynch, Morgan Stanley, Goldman Sachs and Salomon Brothers--made combined profits of $5.6 billion. Goldman contributed an awesome $2.7 billion.
This year mastering the universe has proved trickier. Merrill Lynch, which made $1.3 billion last year, has made the best...
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