Business: Shell Shock on Wall Street

Lehman, Kuhn Loeb merging

When Lehman Bros, and Kuhn Loeb announced merger plans last week, the proposal engendered much fear and trembling in the financial community. It was an indication that not even the most venerable and standoffish Wall Street houses can withstand the agonies of attrition that are engulfing the brokerage and investment banking business. Some other indications: 384 member firms of the New York Stock Exchange reported total profits for the first nine months of 1977 down 61 % from a year earlier, mostly because of competitive price cutting on commissions;...

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