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New York Stock Exchange member firms that conduct business with the public reported a first-quarter 2008 after-tax loss of $14.50 billion and revenues of $49.42 billion, compared with $3.03 billion in after-tax profits on revenues of $89.84 billion in first quarter 2007. Comparative financial results in the table below:
Member Firms Dealing with the Public ($ in millions)
|
|
1st QTR 2008 |
1st QTR 2007 |
4th QTR 2007 |
|
Revenues |
$49,418 |
$89,835 |
$88,181 |
|
Expenses |
$71,802 |
$85,172 |
$104,550 |
|
After-Tax Profit/Loss |
($14,549) |
$3,031 |
($10,640) |
|
After-Tax Annualized |
-23.2% |
5.7% |
-17% |
|
Assets |
$5,564,248 |
$5,510,800 |
$5,459,435 |
|
Capital & Subordinations |
$251,309* |
$219,501 |
$250,063 |
|
Commission Revenues |
$7,845 |
$7,113 |
$7,613 |
|
Number of Firms Reporting |
196 |
199 |
195 |
|
Number of Profitable Firms |
118 |
136 |
119 |
|
Aggregate Pre-Tax Earnings |
$2,039 |
$5,201 |
$3,977 |
|
Number of Unprofitable Firms |
78 |
63 |
76 |
|
Aggregate Pre-Tax Loss of |
($24,423) |
($538) |
($20,346) |
* Record level
Note: Data is from NYSE member firms that conduct business with the public. The category generally also includes firms that trade primarily for their own account, but excludes specialists. All firms are registered broker-dealers with the SEC. Revenues are predominantly derived from investment banking, trading, commissions, and interest.
: The aggregate loss for the quarter results in large part from the turbulence in the credit markets and is reflected in sizeable write downs of proprietary holdings of mortgage related and auction rate securities positions at a limited number of member firms.
Since the NYSE member firm community is composed of corporations and partnerships, after-tax earnings are presented on a pro-forma basis that assumes a corporate tax rate of 35 percent.
Links:
NYSE Member Firms Dealing with Public (Financial Summary) (pdf format)
Statement of Income (Loss) and Expense Unconsolidated (pdf format)
