The Latest Other Business News In Brief

Reuters reports that Sandler O'Neill has slashed its fourth-quarter profit estimates on JPMorgan, suggesting that mark-to-market losses may be significant.

On a more positive note, however, the news agency reports that Nomura CEO Kenichi Watanabe has said that the global liquidity crisis is over. He does warn, however, that economic wellbeing depends on how world governments roll-out stimulus packages. Bank of America CEO Ken Lewis has come out and said that it is 'pretty clear' that the US economy is in recession, and predicts that there will be no economic turnaround there until the housing market stabilizes around mid-2009.

The Financial Times reports that Mitsubishi UFJ Financial Group has posted a 64% fall in profits for the 3 months to the end of September. Net income came in at $422m. And Bloomberg reports that Sumitomo Mitsui Financial Group is thought to be considering raising $1.4bn in capital by issuing preference shares. The news agency also reports that Standard Chartered is pulling back on its hiring plans in Hong Kong after the city fell into recession.

Finally, The Wall Street Journal reports that the US Commodity Futures Trading Commission has filed a 5-count complaint against former Bank of Montreal trader David Lee, over claims that he mis-marked and mis-valued the bank's natural gas options book and deceived the firm from at least May 2003 to May 2007.

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