BANKING & FINANCE - March 17, 1992

Securities Industry’s 1991 Profit Is Record: Wall Street posted a record profit last year, thanks to booming stock and underwriting markets and controls on expenses, industry estimates showed. The Securities Industry Assn. said investment and brokerage firms made $300 million to $400 million more in the last three months of 1991 than earlier projections of $1.5 billion in quarterly pretax profit. That would push fourth-quarter pretax profit to at least $1.8 billion and annual profit to about $5.8 billion. The previous record was $5.5 billion in 1986.