Investment banks break records

Morgan Stanley, Lehman Brothers and Bear Stearns all last week announced their best-ever fixed-income results for the start of the year -- and all of them noted the contribution made by foreign exchange to their swelling revenues.

Lehman Brothers' fixed income net revenues were up a massive 80% on its year-ago levels, to just over $1.6 billion for Q1, 2004. The bank, which earned $891 million in fixed-income revenues for Q1, 2003, is now just behind Morgan Stanley, with $1.65 billion -- up s

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