|
|
Article: Can state's financial firms dodge the bullet? ; Some predict cuts as Wall Street suffers
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- July 23, 2008
- Author:
CopyrightCopyright 2008 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
|
Massachusetts' financial services industry has so far not been
hurt by the troubles afflicting the stock and credit markets, but
Wall Street's problems will eventually hurt profits here and force
job cuts, analysts said.
Some of the nation's flagship financial firms have reported
bruising results, and their problems have weighed on the stock
markets for weeks. The Standard & Poor's 500 index is down 13
percent for the year, but the large regional banks included in the
index are down 31 percent, while investment managers are off 18
percent.
Yesterday, Wachovia Corp., the large financial services firm
based in Charlotte, N.C., reported an $8.9 billion loss for the
second quarter and said it ...