The Record reports that 2003 is now stacking up to be the best year ever for the securities industry.
Net revenues are on the up on Wall Street and costs have been pared back nicely. Strong third-quarter figures from the likes of Goldman, Merrill Lynch and most of the rest, means that net profits for broker-dealers that belong to the New York Stock Exchange are likely to beat the 2000 profit high of a combined $21bn.
The Securities Industry Association has said in a recently published report that 'all evidence is that the industry has finally turned the corner'. The Association is now predicting that full year net revenues for the industry will come in at around $22.45bn.
So, put the champers on ice - the good times will soon be back!