Lehman Brothers Holdings and Bear Stearns Cos., last year's holdouts in the wave of consolidation that hit investment banking, reported sharply differing fourth-quarter results Thursday.

Lehman set itself apart from Wall Street investment houses that have reported tough times doing business amid the volatility that roiled the equity markets in 2000, particularly toward the end of the year. Profits rose 33%, to $399 million, in Lehman's fiscal fourth quarter, which ended Nov. 30. Investment banking, global equities, fixed income, and high-net-worth retail businesses fueled the gains.

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