Investment Banks Lose Big In Japan

Bloomberg reports that CSFB, JP Morgan Chase, UBS Warburg and 15 other overseas brokerage firms lost money in Japan in the twelve months to 31st March 2001.

The 22 overseas brokers trading on the Tokyo Stock Exchange had a combined loss of $544m in the period and commentators fear that the results may signal further job losses in the industry there. Earlier this year Merrill Lynch shut down 19 retail branches and cut headcount by 1,200. Societe Generale, ABN and Dresdner have already confirmed that they will quit Japan equities.

Goldman , Morgan Stanley, BNP Paribas and Nikko Salomon Smith Barney were the four firms that actually made a profit during the last trading year.

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