Merrill Lynch & Co.’s fourth-quarter profit plummeted...
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Merrill Lynch & Co.’s fourth-quarter profit plummeted 53% as the impact of weak financial markets depressed revenue in all areas of the brokerage’s key trading and underwriting businesses.
Merrill Lynch said it earned $162 million, or 75 cents a share, in the three months ended Dec. 31, compared to $347 million, or $1.53 a share, in the 1993 fourth quarter.
The results were well below analysts’ expectations of $1.20 a share as compiled by Zacks Investment Research Co.
Lower U.S. stock and bond prices, higher interest rates and volatility in world financial markets affected Merrill Lynch’s business across the board.
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