Merrill Lynch Posts a 44% Jump in 3rd-Quarter Profit
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Merrill Lynch & Co. on Tuesday reported a 44% rise in third-quarter profit, boosted by record levels of stock and bond underwriting. PaineWebber Group Inc. posted a 35% gain.
Merrill Lynch, the nation’s biggest brokerage, said after-tax profit rose to $230.1 million, or $2.05 per share, in the July-September period, from $160.2 million, or $1.37 per share. Revenue rose 12% to $3.39 billion from $3.04 billion.
Merrill Lynch said it benefited from strong performances in almost all business lines.
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