2 small Wall Street firms close doors

AP News
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Posted: Jan 31, 2012 1:50 PM
2 small Wall Street firms close doors

Two small Wall Street firms have closed doors in the past two weeks, apparent casualties of heightened investor unease following last year's wild stock market swings and lingering fear over the European debt crisis.

New York investment bank Kaufman Bros. LP posted a message on its website Monday saying it had ceased operations.

Brokerage firm Ticonderoga Securities LLC, also based in New York, shut its doors last Tuesday. The firm left a message on its website thanking clients for their support over the past two years.

Concerns over the U.S. economy and the European debt crisis drove a volatile summer and early fall on Wall Street. That's led to more subdued trading, and reduced fees for many brokerage firms.

Calls to Kaufman and Ticonderoga were not immediately returned Tuesday.