Investment banks’ record year

NEW YORK – US investment banks Lehman Brothers and Morgan Stanley saw massive increases in their fixed-income revenues for fiscal 2003, they announced last week.

For both banks, this includes increasing currency revenues, although they do not give a specific figure for FX earnings within fixed income.

Lehman Brothers earned $4.4 billion for fixed income in the 12 months ending November 30, a 68% rise on last year’s figures of $2.6 billion. The “near-record” revenue levels reflected both

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