Giles, a vice president at Marsh Private Client Services, a broker representing several high-end insurance carriers.

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Private Client Services net earnings declined 6%, while Corporate and Institutional Client Group plummeted 49%.

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In 2000, Napoli says Merrill's Private Client Services brought in about 45% of the firm's revenue, but only 28% of its net income.

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Morgan Private Client Services, part of J.

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Merrill's individual investors business, the Private Client Services division, won't hold back its stock price when investment banking firms like Goldman Sachs (nyse: GS - news - people ) and other institutional broker-dealers snapback amid a pickup in capital markets and merger and acquisition activity.

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