Word: shearson
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...have plunged most firms into the financial doldrums. Merrill Lynch, the largest U.S. brokerage, reported last week that its first-quarter profits tumbled to $37.2 million, down 46% from a year ago. Paine Webber Group said its earnings dropped 56%, while Dean Witter's income was off nearly 40%. Shearson Lehman Hutton suffered a particularly harsh blow. After writing down its holdings in MCorp, a troubled Texas banking firm, Shearson reported a $15 million loss for the quarter. Overall, the before-tax income of U.S. securities firms slumped to $450 million, down 60% from the first quarter...
...among brokers last week. "If you can survive this period in the business," a Chicago moneyman said, "you can survive just about anything." But some managers saw no end to hard times. Mused Desmond Heathwood, chief investment officer of the Los Angeles branch of Boston Co., a unit of Shearson Lehman: "To have one's job will be the bonus this year...
...idea could quickly gain ground among congressional leaders who are preparing to haggle with the incoming Bush Administration over steps to stanch the red ink. "It seems everybody has decided that a higher gasoline tax is the answer," says Susan Simon, a Washington political analyst for Wall Street's Shearson Lehman Hutton...
...Shearson and Salomon, the investment firms, would have to put up $18 billion to $20 billion and trust you with that for five years...
...control of companies that make everything from bath towels (West Point Pepperell) to cake mixes (Pillsbury). Costliest of all was the struggle for RJR Nabisco (1987 revenues: $16 billion), whose price tag set a record with each new offer. Top RJR Nabisco executives, backed by Wall Street's Shearson Lehman Hutton and Salomon Brothers, raised their bid from $17.6 billion to $21 billion, topping the rival offer of $20.6 billion from Kohlberg Kravis Roberts, the high-flying leveraged-buyout firm. Now the two sides may be getting new competition. At week's end Forstmann Little, a Manhattan investment firm, said...