Booming capital markets and a deluge of mergers and acquisitions contributed to a terrific - in some cases, a record - first quarter for US investment banks.

First quarter net revenues doubled at Lehman Brothers over the first quarter of last year. At Goldman Sachs, the rise was 50%, at Morgan Stanley Dean Witter 49%, and at Bear Stearns 17.3% for a record quarter. Investment banking revenues were up 92% over the 1999 first quarter at Lehman, 39% at Morgan Stanley, 37% at Goldman and 30.6% at Bear. The huge increase in initial public offerings (IPOs) lifted equities revenues at all the firms. Lehman's rose fourfold, while Goldman reported an 89% rise.