Page 2486 


Bear Stearns, BNP Paribas, Calyon, Citigroup

Financial News has reported that Bear Stearns has formed a new proprietary trading group, by merging cash equities, structured equities and clearing activities under a new management team led by Bruce Lisman and Steven Meyer. Both will report into Warren Spector, Bear's President and Chief Operating Officer.

Hedge Fund Loss Now Up To $6bn

Bloomberg reports that the losses sustained by hedge fund Amaranth Advisors over the last few days is up to $6bn. The fund which had assets of $9.5bn just last month now has assets of around $3.5bn.

Morgan Stanley Finally Does The Biz

Morgan Stanley CEO John Mack said that he and his cohorts couldn't turn the firm around overnight. Now, some 15 months after Mack retook the helm, Morgan Stanley has finally impressed the markets.

ABN Amro, Citigroup, Credit Agricole, Lazard

The Wall Street Journal reports that ABN Amro has integrated its equity, credit and economic research divisions into one global unit. A 'handful' of staff are thought likely to leave the firm as a result. The bank also confirmed Wednesday that it plans to open a processing centre in the Dubai Outsource Zone to support its U.A.E operations.

$4.4bn Losing Trade Latest

The Times reports that Brian Hunter is the trader being fingered for 'single-handedly' wiping out around half of Connecticut-based hedge fund Amaranth's $9bn in assets.