A less than spectacular recovery in the trading environment has prompted Brown Brothers Harriman & Co. analyst Raphael Soifer to revise downward his 1994 and 1995 earnings-per-share estimates for Bankers Trust New York Corp. and J.P. Morgan & Co.

"Our previous estimates had assumed that the fixed-income, currency, and related derivatives markets would have returned to some kind of normalcy in the second half," he said Monday. "That hasn't happened yet."

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