NYSE Firms Lost $106 Million in 1990
From Associated Press
NEW YORK —
New York Stock Exchange firms that do business with the public lost $106 million last year, their first annual loss in 17 years, the Big Board said Thursday.
The after-tax loss came during an especially dismal year in the securities industry marked by sharp drops in key fee-generating areas. The Wall Street firms reported profits of $1.2 billion in 1989.
Revenue declined 9.2% to $54 billion, the NYSE said. Reflecting a successful attempt to curb costs to cope with the downturn, expenses fell 6% to $54.2 billion.
The Big Board said that 180 of the 353 firms, or 51%, were profitable, earning $1.197 billion.
