Merrill Lynch Rebounds, Posts $67.6-Million Profit
Merrill Lynch & Co., the nation’s largest investment firm, reported Monday that it earned $67.6 million in the second quarter, compared to a year-earlier loss of $32.8 million. Revenue jumped 30% to $1.76 billion from $1.36 billion.
The company said that nearly all of its operating groups posted improved results, with “especially significant improvement in principal transactions (trading for its own account) and solid gains in commission revenues.”
The company also said the “active stock market, along with higher average share prices,” contributed to the 33% increase in commission revenue to $378 million.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
