Aug 2 KBW Inc posted a bigger
second-quarter loss as lower trading volumes for financial
services stocks hurt commissions, eclipsing a steady rise in M&A
Net loss for the quarter widened to $5.4 million, or 19
cents per share, from $4.2 million, or 14 cents per share, a
Total revenue fell 13 percent to $55.4 million.
"While the timing of the recovery in our sector continues to
be uncertain, this is the second consecutive quarter positively
impacted by M&A and advisory transactions revenue," Chief
Executive Tom Michaud said.
Investment banking revenue was up 66 percent to $25.3
million for the quarter, primarily due to higher M&A and
Commissions revenue, however, was down 23 percent at $24.6
KBW shares closed at $15.52 on Wednesday on the New York