Monday, April 14, 2008

Profits at Bear Stearns down 79%

Profits at Bear Stearns down 79%

Beleaguered US investment bank Bear Stearns has revealed that its net profit fell 79% in the three months until the end of February. In the process of being bought by JP Morgan Chase after its near collapse, Bear Stearns made a net profit of $115m (£58m) in its fiscal first quarter. Net revenues at Bear Stearns declined 40%, again compared to the same time a year earlier, to $1.48bn. Expected job cuts

Posted by stew @ 11:42 PM (451 views)
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