In Brief: Merrill Lynch Profits Jump to Record $493M

Merrill Lynch & Co. said its third-quarter earnings hit a record $493 million, up 49% from a year ago and 2% above the previous high in the second quarter of this year.

The investment banking company also noted that it topped $1 trillion in client assets during the third quarter.

Merrill Lynch's earnings per common share during the period ended Sept. 30 were $1.25 primary and $1.24 fully diluted, versus 84 cents primary and fully diluted in the 1996 third quarter.

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