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Headline: Lean times for investment banks Source: Euromoney Date: January 2001 Investment banks are entering a tricky time as the economy slows and deals dry up. Goldman Sachs’ latest earnings showed an increase of just 3% on the same quarter in 1999, a far cry from the double-digit increases of recent years. And for the second quarter in a row Morgan Stanley Dean Witter missed the analysts’ earnings consensus. Last time it was by eight cents, half of that coming from a $45 million loss in its high-yield business, a fact which annoyed investors as the Wrm appeared determined to conceal it. |
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