Merrill Lynch reported second-quarter net earnings up 61% to $1.02 billion, as its fixed income business continued to boom, according to the Financial Times. The firm also said it was encouraged by improvement in the stock market.
Merrill reported $1.02 billion in net earnings, or $1.05 per diluted share, contrasted with $634 million, or 66 cents, in the same period one year ago.
Merrill stated the figure, 49% ahead of the first quarter, was the second-best quarterly result in its history. Stan ONeal, chairman and chief executive, said two major factors contributing to the success were the fixed income environment and "the positive tone in the equity markets." In addition, Merrills diversification and streamlining contributed to the strong quarter, ONeal added; the firm eliminated 1,3000 positions in the quarter.