FleetBoston Financial Corp. said revenues from capital markets activities, already under pressure from declining markets, will not match 2000's levels this year.

In its annual filing with the Securities and Exchange Commission, made Wednesday, the company said revenues from capital markets - driven by gains in equity investments, market making, and securities underwriting - grew 50% last year, to $3.2 billion. But given current market conditions, revenues from the group this year "are not expected to reach those experienced in 2000," it said in the filing.

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