BOSTON — FleetBoston Financial Corp. posted a 45 percent drop in second quarter earnings this morning, writing down $290 million on its investment portfolio.
FleetBoston owns brokerage Quick & Reilly and investment bank Robert Stephens. According to reports, the two capital market units performed poorly, particularly within technology and communications investments.
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Including the $290 million after-tax writedown, Fleet earned $531 million, or 48 cents per share, compared to $971 million, or 87 cents per share, during the year-ago period.
Fleet’s capital markets unit posted a loss of $100 million, compared to a gain of $820 million in the year-ago period. The bank’s net interest income was $1.9 billion, compared to $2 billion a year ago, and its investment services revenue fell to $363 million, compared to $450 million a year ago.
Fleet’s total assets as of June 30, 2001 were $202 billion, compared with $220 billion during the same period a year ago.
