The partial quarter effect of the two acquisitions should result in a 17% sequential revenue lift, while core expenses (excluding any one-time restructuring charges) should rise about 23%, as the company only begins to realize both expense and revenue synergies. |
The rate increases have been going on for quite some time, and it really hasn't had an impact. And in the case of Goldman, you still have sustainable core revenues up very strong. |
The transaction makes a lot of sense strategically at a time when U.S. regulators are frowning upon financial incentives to brokers for pushing in-house funds. |
There are substantial synergies and relatively low integration risk. |
These guys are global companies. Goldman has half its revenues come from outside the U.S.. They can find profits wherever they need to. |
This is the first quarter in a long time where you will see year-over-year comparisons that are negative. And we'll probably see results for most of the quarters in 2005 being down on a year-over-year basis. |
This was a very strong report, both in terms of asset flows, account adds and trading activity. |
We believe core income should be slightly higher in the first quarter compared to the previous quarter, excluding one-time charges, reflecting improvement in capital-markets sensitive businesses (trading, investment banking, and wealth management). |
When they say more than half, we're thinking most. |