Merrill Lynch profits grow to $634m

12 April 2012

STOCK market blues and a $100m settlement related to misleading advice didn't stop Merrill Lynch reporting healthy earnings growth in the second quarter.

The giant investment bank reported a profit increase of 17% to 66 cents a share or $634m, beating analysts' expectations by 10 cents.

Merrill said despite a year-on-year decline of 11% in net revenue, it managed netincome growth through cost cutting. About 1800 jobs were eliminated in the last quarter.

Chief executive David H Komansky 'remains cautious' about 2002.

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