First Albany Exits Corporate Bond Business

"A changing environment and continued declines in Taxable FixedIncome corporate bond revenue have led us to make the difficultdecision to close that department," said Alan Goldberg, President andChief Executive Officer of First Albany Companies. "After substantialreview, we concluded that significant capital and investment inpersonnel would be necessary to develop a sustainable competitivebusiness in this area. However, we felt that the interests of ourclients, our company and our shareholders would be better served bydevoting our resources to business areas with higher growth and profitpotential -- Municipal Capital Markets, Fixed Income Middle Markets,Descap Securities and Equity Capital Markets."

About First Albany

First Albany is a leading institutionally focused independentinvestment bank that serves the institutional market, the growingcorporate middle market and public institutions by providing clientswith strategic, research-based, innovative investment opportunities.First Albany offers a diverse range of products through its Equitiesdivision, Fixed Income division and Venture Capital division, FATechnology Ventures Inc. First Albany is traded on Nasdaq under thesymbol FACT with offices in major business and commercial markets.