Morgan Stanley Dean Witter, the biggest US securities firm in terms of equity capital, said earnings in the three months to November rose 79 per cent to a record $810m, or $1.33 a share. That exceeded analysts' average forecast of $1.03 a fully diluted share. Lehman Brothers' fourth- quarter net income rose 46 per cent to $185m, or $1.30 a share, beating the average forecast of $1.04 a share.
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Two leading US finance houses, Morgan Stanley Dean Witter and Lehman Brothers, have reported record fourth-quarter earnings, led by increasing profits from investment banking. Their shares declined, though, as US. stocks dropped and analysts questioned if earnings would decline in the months ahead.