31.   That is expected to help it win new underwriting business, a traditional strength.

32.   The boom in mergers and acquisitions continued to help drive the underwriting business, particularly on the equity side.

33.   The company also has an insurance underwriting business.

34.   The decline in IPO business, the most lucrative underwriting business, led to lower fees for Wall Street.

35.   The continuing boom in mergers and acquisitions has helped to bolster the underwriting business.

36.   The investment houses know that the real money these days is in the underwriting business these growth companies can generate.

37.   The layoffs signal that Merrill Lynch does not believe that the underwriting business will recover in the near future.

38.   The ongoing boom in mergers and acquisitions continues to help drive the underwriting business, as companies that have made acquisitions scramble to refinance.

39.   This is good for foreign securities companies wanting to expand their underwriting business in Japan and for Japanese companies wanting to do the same in Europe, he said.

40.   Though the stock markets have remained relatively strong, the equity underwriting business has stayed weak.