Big Brokerages: Salomon Inc. and Morgan Stanley...

Big Brokerages: Salomon Inc. and Morgan Stanley Group Inc. reported sharply higher earnings for the first quarter. New York-based Morgan Stanley said net earnings jumped 46% to $120.1 million. Revenue rose 17% to $1.63 billion. The brokerage said particularly strong results came in stock and bond trading, as well as from foreign exchange and commodities operations. Salomon, also based in New York, said net income more than doubled to $273 million, while revenue surged 71% to $1.18 billion. Salomon cited excellent trading results in virtually all its products and geographic areas.