Investors ran for cover during last year's fourth quarter, dampening the productivity of broker/dealers selling investment products through banks.

Bank broker/dealers averaged $19,737 a month in gross commissions on sales of financial products during the fourth quarter, a decline of 17 percent from the previous quarter and a 27 percent drop from the fourth quarter of 1999, according to Ken Kehrer Associates, an independent consulting firm in Princeton, N.J.

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