The Wall Street Journal reports that Philippe Jabre, the top-rated trader who now runs a $6bn hedge fund, took a $300m bath after losing out on Japanese equities.
According to the newspaper, Jabre went into the market on news of the Japanese earthquake earlier this month, only to see Japanese equities fall a further 13%. And last week, just before the market rebounded, the trader closed out his positions, explaining: 'I keep thinking about it. What could I have done differently ? I spent all last weekend asking questions...We couldn't take the risk of the Tokyo Stock Exchange closing down, so we sold'.
And how did Jabre feel about the loss ? 'Horrible, but I don't express happiness or frustrations. Emotions are the enemy of a balanced person'.
Finally, Bloomberg reports that Spain's BBVA is said to be planning to move around 50 staff in bond origination, and sales and trading to London, as it tries to 'curb' its reliance on its Spanish profits, which are said to account for around half of global earnings.