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June 21, 1996|Times Staff and Wire Reports

Lehman Posts Sharp Profit Gain: The New York-based company said its second-quarter earnings rose 86%, led by gains in investment banking and trading, as Wall Street's yearlong profit roll continued. Lehman Bros. Holdings Inc., the fourth-largest U.S. securities firm, said net income in the quarter ended May 31 advanced to $108 million, or 89 cents a share, from $58 million, or 43 cents, a year earlier. That exceeded analysts' expectations, which ranged from 78 cents to 81 cents, based on a survey by IBES International Inc. Lehman's results, the fifth consecutive quarter of rising earnings at the firm, come amid a surge in profits among securities firms as rising stock and bond prices spurred an increase in trading, commission and underwriting profits.

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