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Table: 2001 Estimates at a Glance


TOTAL NET REVENUES: $22 billion, down 19% from previous year

TOTAL NET EARNINGS: $2.3 billion, down 39% from previous year

CORPORATE AND INSTITUTIONAL CLIENT SERVICES (57.1% of net earnings)

NET REVENUES: $10 billion

NET EARNINGS: $1.3 billion

Assists companies in debt and equity issuances and trades and provides strategic merger and acquisition advice. Trades for Merrill's own account. Like its peers, Merrill is suffering from weak markets and a dismal investment-banking environment.

PRIVATE CLIENT SERVICES (32.2% of net earnings)

NET REVENUES: $10 billion

NET EARNINGS: $740 million

As the largest broker in the U.S., Merrill Lynch (MER) markets financial advice, stocks, and bonds through a sales force of 15,000 brokers. But the firm's rapid global expansion has cost the company: Its international client group suffered a $51 million loss in the first nine months of 2001, vs. a $155 million pretax profit a year earlier.

ASSET-MANAGEMENT SERVICES (10.7% of net earnings)

NET REVENUES: $2 billion

NET EARNINGS: $250 million

Manages investments for individuals and corporations. Market depreciation and foreign exchange fluctuations reduced assets under management by 5%, to $507 billion, in the third quarter.

Data: Morgan Stanley Dean Witter & Co., company reports


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