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Merrill profit hits record $1.2 billion

Merrill Lynch & Co., one of Wall Street’s biggest investment firms, on Wednesday said its fourth-quarter profit rose to a record, fueled by strength in investment banking activities such as stock and bond sales.
/ Source: Reuters

Merrill Lynch & Co., one of Wall Street’s biggest investment firms, on Wednesday said its fourth-quarter profit rose to a record, fueled by strength in investment banking activities such as stock and bond sales.

Merrill, based in New York, reported net income of $1.2 billion, or $1.23 per share, for the fourth quarter. That compared with earnings of $603 million, or 63 cents per share, in the same period last year.