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Goldman Sachs and other investment banks are seeking ways to increase revenue as fees from underwriting stock sales and advising on mergers decline.
Robertson Stephens Inc., the securities unit of FleetBoston Financial, is laying off 300 people, or 24percentt of its work force, a company spokeswoman confirmed yesterday, as stock sales and mergers decline.
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Although the number of mergers declined in 2002 from 2001, the size of the merging firms increased.
In the U.S. the average value of announced public mergers declined to a 12-month low of $1.35 billion.
Mr. Welch, 65, who stretched his retirement date from April to the end of the year to complete the merger, declined to be interviewed for this article.
"It's like the Yankees' farm team taking over the Yankees," according to a current Time Inc. executive who, like many who talked about the merger, declined to be identified while criticizing bosses or potential bosses.
As it announced consolidated annual results for the first time, SmithKline Beecham said net income in 1989, after $559 million in charges from the merger, declined 64.5percentto to $209 million, from $591 million in 1988.
[A20.] No Challenges Expected to Merger The decline in Bank of America shares has reduced the value of its $48 billion bid for FleetBoston, but analysts said Bank of America's deal was unlikely to be challenged.
Over the past decade, and longer, Press Gazette has detailed the gloomy drip-drip-drip of problems: the closures, mergers, cutbacks, declining sales, decreasing advertising and consequent reductions in journalistic coverage.
When Kenneth D. Pasternak, chief executive of Knight Trading Group, a major Nasdaq market maker, also canceled his Tuesday appearance, more speculation swirled, and Knight's stock jumped; on Friday, the company issued a statement noting the rumors about possible mergers but declining to comment on them.
Mr. Wang, through an intermediary, Andrew Frank, a public relations executive hired to be a spokesman for Smile Train during the merger, has declined to comment.
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