by Calculated Risk on 3/18/2008 08:57:00 AM

From the WSJ: Lehman Brothers Net Falls 57% On Weakness in Fixed Income

For the quarter ended Feb. 29, the investment bank posted net income of $489 million, or 81 cents a share, down from $1.15 billion, or $1.96 a share, a year earlier. Net revenue fell 31% to $3.51 billion.

And on Goldman: Goldman Sachs Net Slides 53%

Goldman Sachs Group Inc.'s fiscal first-quarter net income dropped 53% on $2 billion in losses on residential mortgages, credit products and investments ...
...
The biggest Wall Street investment bank by market value reported net income of $1.51 billion, or $3.23 a share, for the quarter ended Feb. 29, compared to $3.2 billion, or $6.67 a share, a year earlier.

Results included $1 billion in losses on residential mortgage loans and securities, and nearly $1 billion in losses on credit products and investment losses ...

Although these net income declines suggest a recession, overall these are not horrible reports.