Two steps forward, one step back

21 September 2004 By Rob Cox

The investment banks aren t going down without a fight. Markets in the 3Q may have been crummy, but these results are not. Still, they are coming at a cost. Goldman turned up the risk and Lehman ratcheted up the costs. And returns on equity are generally lower. The investment banks are putting up a fight. Markets in Q3 may have been crummy, but these results are not.

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