The impact of the terrorist attacks of Sept. 11 on the securities industry looks to be more than $1 billion.
An SIA report estimates that the securities industry’s net operating profits for the third quarter, which showed indications of coming in at $1.0 billion to $1.4 billion, will now be a loss of $200 million.
The estimate does not include extraordinary costs from the New York attack, which should largely be offset when insurance recoveries are made in the fourth quarter and beyond, the SIA reports.
The full text of the report is available at http://www.sia.com/reference_materials/pdf/RsrchRprtVol2-8.pdf.
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