Brokerage houses are in a position than banks to take advantage of the current market and economic environments, according to Alison A. Deans, an analyst at Smith Barney Shearson Inc.

Ms. Deans has been a brokerage analyst for eight years and a money-center bank analyst for 3 1/2. Her top picks among banks are Bankers Trust New York Corp. and Chemical Banking Corp., but she is biased toward brokerages such as Merrill Lynch & Co., and Morgan Stanley & Co.

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