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Take the fees charged for merger advice.
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Although individual deals are negotiated, in general, finance directors in Britain's biggest companies rarely question the overall scale of fees charged for services such as managing mergers and acquisitions and handling share issues.
After taking nearly $1 billion in charges for merger-related costs and devalued Internet investments, it lost $886 million.
The drug maker Eli Lilly & Company declined $1.05, to $70.19, after saying it expects a substantial one-time charge for merger-related costs in the first quarter of 2004.
They also included a total of $1.45 billion in charges for merger-related costs and accounting changes -- indicating the toll that these costs continue to take on the bank's bottom line.
The company said it had gains totaling $430 million from asset sales and took $230 million in charges for merger-related costs, bringing net income to $4.49 billion, or $1.28 a share.
He charges for everything.
A.I.G. is now expected to earn 16 cents a share, down from an expected 75 cents as a result of the attacks and a one-time charge for the merger, according to Alice Schroeder, an analyst at Morgan Stanley.
One-time charges for its merger with Monsanto have temporarily helped distort the P/E, now a high 38.
The results included a pretax charge of $828 million connected with Union Carbide's potential asbestos liability and a pretax charge of $225 million for merger expenses and revamping, the company said.
The company said earnings would have been $2.73 billion, or 92 cents a share, excluding charges of $1.2 billion for merger and integration costs and $967 million for restructuring costs.
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