Bankers Trust $488 million loss shows Wall Street's vulnerability
Article Abstract:
Bankers Trust, the seventh-largest bank in the US, has attributed its loss of $488 million in the third quarter of 1998 to the trading risks in Russia, junk bonds and the stock market. Bankers CEO Frank Newman, in a bid to hasten the firm's recovery, has committed to shift the company's strategy from risky investments to more secure operations, such as investor services and asset management. Analysts see Bankers' situation, which is common to several other companies trading in Wall Street, as one that raises questions on how the Wall Street does business and how it handles other people's money.
Comment:
Attributes its loss of $488 mil in the third quarter of 1998 to the trading risks in Russia, junk bonds & the stock market
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
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Brokerages caught between a rock and a tech place
Article Abstract:
The Internet and Congressional legislation allowing banks, brokerages and insurers to merge is reshaping the financial services industry. The New York Stock Exchange and Morgan Stanley Dean Witter have established plans for greater online trading. Although increased Internet use is expected to benefit consumers, the development diminishes the value of security and commodity brokers.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1999
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