The leading provider of financial services reported revenue of $4.39 billion, down 3% from last year, on 10% decline in capital market segment and 3% decline in investment banking segment. During the quarter, Lehman Brothers’ M&A market share rose to 17.3% versus 15.5% in 2006. Due to the slowdown in the US housing market and the liquidity squeeze in the capital markets, the firm has lowered its projections on global economic growth and it anticipates global GDP growth to be 2.7% in 2008.
Source: Company filings
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Chris O''Meara: The non-compensation piece of that was 18 and then the comp piece was absorbed in our 49.3% compensation ratio versus revenues. As we look forward, those personal adjustments have been taken.
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