Lehman is the first of the Wall Street firms to report second quarter earnings and, with net income falling from $430m in Q2 2001 to $296m this time out, the figures are seen as further confirmation that the expected rebound in investment banking earnings is still some way off.
Lehman chief executive Richard Fuld confirmed that revenue from fixed income businesses were at a 'near record levels', but the sluggish performance of equities and M & A resulted in an indifferent second quarter overall.
The bank is still believed to be doing all it can to avoid drastic headcount reductions.
Lehman Declines
Bloomberg reports that Lehman Brothers has revealed a 31% fall in net income for the quarter ended 31st May. It was the investment bank's fifth fall in earnings in six quarters.
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