Merrill Lynch Profits Down 37%

The giant retail stockbroker Merrill Lynch & Co. Inc. today said its first-quarter profit fell 37% due to a sharp drop in commissions, as the public remained skittish about investing in stocks after the October crash.

Net earnings fell to $68.3 million from the previous year’s $108.6 million. Total revenues dropped to $2.41 billion from $2.54 billion, a decline of 5%. Merrill’s earnings per share declined to 62 cents from $1 in the first quarter last year.