The Latest On The Market Turmoil
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The Wall Street Journal reports that JPMorgan Chase has said that, despite recent speculation, no decision has yet been made about the likely number of job losses to be sustained over at Bear Stearns.
We are also hearing unconfirmed reports this morning that Royal Bank of Scotland is culling up to 100 former ABN staff - mainly in fixed income, including DCM origination. The bank is also said to have axed some credit traders Monday.
Reuters reports that the liquidators of two Bear Stearns-managed hedge funds which belly up last summer are suing Bear and auditor Deloitte to recover $1bn. The liquidators claim that Bear and Deloitte did not live up 'to reassurances that the funds were relatively safe and conservative investment vehicles'.
The Financial Times reports that UBS has agreed to meet its former President Luqman Arnold in the next two weeks, to discuss the issues raised in his recent letter to the bank's board.
Bloomberg reports that the fees investment banks earned from LBOs fell 75% in the first-quarter as the credit crunch resulted in significantly fewer deals. According to data provided by Thomson Financial, revenue from loan underwriting fell 91%, whilst fees from private equity-led M&A deals dropped 51%.
Reuters reports that hedge funds are coming to terms with the fact that 2008 is going to be a REALLY tough year. The news agency quotes one unnamed hedge fund manager, who said that 'this year is going to be really ugly. One day you are off 2% and, before you blink, you are down 20%. This year is just unpredictable and crazy'. Bloomberg reports that Renaissance Institutional Equities Fund has declined 12% since reaching its peak last May, and that Stephen Mandel's Lone Cedar Fund is some 10.6% off from its December high.
Finally, MarketWatch reports that Bruce Richards, the CEO of $12bn Marathon Asset Management, has said that we are currently in a 'great' era for investing in distressed companies. Richards sees the current market problems as 'the single best investment opportunity in 17 years'. Every cloud....
