Bear sees fixed-income profits drop 88%

Bear Stearns confirmed it was the US securities dealer with proportionally the most damaging exposure to the troubled US mortgage market when it unveiled overall third-quarter net profits of $171.3 million, a year-on-year drop of 61%.

Its fixed-income net revenues were $118 million in the quarter ended August 31, 88% lower than for the same period in 2006. “A general repricing of risk in the market led to significant reductions in both mortgage- and credit-related revenues as volumes decreased wh

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