State Street Corp., Merrill Lynch and Jefferies Group all reported improved earnings in the second quarter.
State Street reported net income of $220 million and revenue of $1.29 billion, compared with a loss of $23 million on revenues of $1.08 billion in the same period last year. Quarterly results also included $16 million in pretax merger and integration costs from the company's 2003 acquisition of Deutsche Bank Global Securities Services.
Merrill Lynch said earnings rose 10% in the second quarter to $1.08 billion, up from $977 million a year earlier. Net revenue edged up to $5.3 billion from $5.27 billion a year earlier. The company said the increases were because of growth in asset management fees and mutual fund commissions.
Jefferies reported second-quarter profits were up 70% to $31.8 million, from $18.7 million or 32 cents a share in the year-ago period. Revenues rose 20% to $277.2 million from $230 million last year, thanks to improved asset management and investment banking sales.