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Article: Wall Street v Wall Street; Investment banking.
- Article from:
- The Economist (US)
- Article date:
- July 1, 2006
CopyrightCOPYRIGHT 2006 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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America's investment banks are enjoying excellent results. The stockmarket, however, is unimpressed
IF EVER an industry had reason to complain about the whims of the stockmarket, it would be investment banking. The share prices of Wall Street firms have looked a little pale for a while, compared with their beefy earnings; and in the past couple of weeks one after another has reported excellent results only to see its shares trashed. Go back to June 12th, when Lehman Brothers, which has had a splendid few years, announced that its second-quarter earnings were up yet again, by half. Applause? Lehman's share price fell on the day of the report and fell again the ...