Brokerage Firms: The profit picture improved at...

Brokerage Firms: The profit picture improved at two industry leaders. Salomon Inc.’s second-quarter profit more than tripled from the year-ago period to $253 million--a record. Revenue jumped 64% to $2.32 billion. The company said its strong earnings reflected “the industrywide improvement in volume in the U.S. bond and equity markets,” as well as profits across most product lines. Shearson Lehman Hutton Holdings Inc. reported a 41% jump in its second-quarter earnings to $55 million. Revenue rose 32% to $3.3 billion. Shearson, a subsidiary of American Express Co., attributed its performance to increased investor activity and cost cutting. Both firms are based in New York.

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