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Top Firms Begin To Feel The Pinch

Well, we've had a raft of third-quarter profit figures released this week. And, although some firms did better than others, there appears to be a few indications that we might be about to come off the good times. Having said that, the third period could just be a rogue quarter.

The Latest Hedge Fund & Asset Management News

According to a recent survey undertaken by data provider EuroHedge, over 150 new hedge funds, attracting $13bn in assets, opened for business in the first 6 months of this year. That's up from 133 in the same period in 2004.

Trader Who Lost $6.4bn Said Plotting Comeback

The Wall Street Journal's 'Bids & Offers' column has it on good authority that Brian Hunter, the Amananth Advisors trader who is being fingered for that $6.4bn losing bet on the gas markets, is keen to get back into the energy trading business.

'Bearded One' Makes Goldman Partner

The Evening Standard's 'CitySpy' column has been having a little fun at Goldman's expense. The fine folks behind the column found out last week that, among the ranks of the 29 London-based bankers elevated earlier this month to demigod status (partner), only one was a woman - trader Sanaz Zaimi.

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.

Rumours Of 'Bonus Panic' At Top Firm has reported on rumours of 'bonus panic' at the Credit Suisse investment banking office in New York. And it's apparently all because of those losses said to have been sustained in South Korean derivatives in the third quarter.

UBS Drawn Into Bond Probe, Credit Suisse Trader Leaves

The Wall Street Journal reports that US regulator the Securities and Exchange Commission (SEC) has launched a probe to ascertain whether UBS was 'involved in improper manipulation of Treasury-services prices'. According to the newspaper, a US government inquiry has been quietly unfolding in recent weeks.



The Titanic

Black Wednesday 20 Years On: How The Day Unfolded

Barclays staff were warned on Thursday that the size of their bonuses will be linked to the way they do business – not just the revenues they generate – under a new approach being developed by the new chief executive Antony Jenkins.