Like college kids heading into a new semester, brokerages were hoping everything was going to be new in 2002. Trading revenue would rise, initial public offerings would roll out the door and corporate chieftains would get back to playing the merger and acquisition game.
Bear, Lehman, Merrill off in 2002
It's hard to see that happening without a real turn in the stock market's fortunes. Dollar volume on the New York Stock Exchange was down 15% in January, and February doesn't look as if it will be much better. Coincident with that, the appetite for new equity offerings has further foundered. Witness how anxious Salomon Smith Barney was to get PayPal ( PYPL) out the door, when, with hindsight, holding off and addressing investor