Paine Webber Group Inc. The nation’s eighth-largest...
From Times Staff and Wire Reports
Paine Webber Group Inc. The nation’s eighth-largest brokerage said its first-quarter earnings increased 17% from a year ago to $10.8 million. Revenue rose 7% to $426 million. But the gains came against a particularly weak quarter a year ago on Wall Street. The New York-based firm said that despite its increases, profit in the current quarter was hurt by a weak investment banking environment and losses from risk arbitrage trading. The firm noted improvement in its core businesses, including retail sales and asset management, in the still-slumping securities industry.
