Business Services Industry
Wall Street Banks Spend Own Cash to Beat Bears.
Knight Ridder/Tribune Business News, November, 2002
By Duncan Hughes, Sunday Business, London Knight Ridder/Tribune Business News
Nov. 10--NEW YORK--Leading Wall Street houses are compensating for the loss of revenues from dealmaking by quietly increasing the use of their own capital for trading in equities and fixed-interest securities.
Six of the seven largest publicly traded firms have increased their proprietary trading by an average of around 30 percent since the stock market slide started around two years ago.
But some analysts are concerned that the ever-tighter squeeze on profits caused by the collapse of traditional investment banking activities may tempt them to take bigger risks in their proprietary trading operations in the hope of producing higher profits and maintaining...
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