ABN Disappoints, Cantor IPO Rumour, JP Morgan News

ABN Amro's third quarter profits were posted Monday. They came in down 5.6% to $1.45bn. Traders have expressed disappointment at the figures, and say that the bank will have to go some to meet its 2008 revenue and profit targets. The bank is hoping to achieve $1.14bn in cost savings by 2008 ($254m already obtained), by, among other things, cutting jobs in IT and other areas, many of which will be relocated to India. Financial News reports, however, that at least ABN's global markets business has been doing better this year. Profits for the first nine months of 2006 have come in more than double at $725m.

The Wall Street Journal reports that Cantor Fitzgerald is planning to take one of its main divisions, BGC Partners LP, public. The newspaper quotes unnamed 'people familiar with the situation', who claim that Cantor will announce an IPO of the unit in early November.

Finally, JP Morgan Chase has received one of those dreaded letters from US regulator the Securities and Exchange Commission. The letter seeks information from the firm about its relationship with fund administrator Bisys. Bloomberg reports that Bisys agreed to pay $21.4m last month to settle charges by US regulators that it had helped certain mutual funds defraud investors through a variety of kick-back schemes.

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