The Latest On The Market Turmoil
More in BUSINESS NEWS
back-up- Don't Be Fooled - Firms Are Hiring
- Analysts Predict More Asset Writedowns At Top Firms
- Janus, JPMorgan, Merrill Lynch, Morgan Stanley, UBS, Wachovia
- Top Firm 'Could Bleed To Death Slowly'
- Has Cityboy Finally Lost The Plot ?
- Lying On CVs Is On The Increase
- Cazenove, Citi, Credit Suisse, Goldman, Hedge Funds
- Fidelity, Macquarie, Jefferies, Royal Bank of Scotland, Schwab, Wachovia
- Best Graduate Recruitment & Development Programme Awards - The Qualifiers
- Bodean's BBQ Competition - The Winners
- Welcome To Our Firm - You're Fired!
- Top Firm's Board Urged To Break-Up The Empire
- Click Here To Register For Free News E-Mail Alerts
- Merrill Pay Ruck, Grounds Private Jets To Save On Costs
- Pandit Or Thain - Who's Doing The Best Job ?
- Time To Get Things Into Perspective..........
- Graduates - Lambs For The Slaughter
- BofA Comes Good, Hedge Fund Killing, Bonuses
- JPMorgan, Bear, Barclays, Dresdner, Aberdeen, HSBC
- The Credit Crunch Christmas Party
- Worried About Being Laid-Off ? Don't Be - Here's Why...
- Firms Signing Up For Free Access To Global Candidate Database
- You've Gotta Sing This - Probably The Best Market Ditty Ever
- Hedge Funds Bag New COLOSTOMY Product
- The CDO Song
- CDOs - The Complicated Song
- Market Meltdown - Video Nasty
- A Few Good Men 'Cost Control' Video
- Give Me A Job - The Most Amazing Job Application Ever
- The 'H-E-D-G-E' Song
- So, What Exactly Is 'Subprime Lending' ?
- 'I Got Laid Off & It Hurt Like H.ll'
- His Phone Rang & We Knew He Was Toast
- The Bear Stearns Golfing Song
- Is Your Firm 'In Vogue' In This Credit Crunched World ? (Updated)
- Good As Goldman ?
- Merrill Posts Big Loss, More Writedowns Expected
- Deutsche's Boss Has Been At It Again
- Thain Gets Testy As Merrill Writes Down Another $9.75bn
- Yabba-Dabba-Doo! It's The Finkstones (BlackRock On Top)
- Possibly The Most Daring Trade Of All Time ?
- Doubts Over Pandit, Trouble At Deutsche, RBS & UBS
- BNP Could Buy Dresdner, Credit Suisse Boss Defends 'One Bank'
- Big Boss Goes - Another One Bites The Dust
- The Latest On The Market Turmoil
- US Regulators To Clamp Down On Spread Of False Rumours
- Fortune's Top 25 Banks / Securites Firms By 2007 Revenue
- The Top 12 Completed M&A Deals
- Job Co.k-Up Causes Right Old Stink
- The Art's Gone, The Jet's Gone - It's All Gone
Related Content
- The Latest On The Market Turmoil (26/04/2008)
- The Latest On The Market Turmoil (04/05/2008)
- The Latest On The Market Turmoil (12/07/2008)
- Latest Other Market News In Brief (29/04/2008)
- The Latest Market News (14/05/2008)
- The Latest Market News & Gossip (20/06/2008)
Although the firm's return on equity fell from 17% (Q1 2007) to 8%, and writedowns now total over $10bn in the last 15 months or so, most were happy with the firm's first-quarter earnings. Bloomberg quotes Charles Bobrinskoy, vice chairman of Ariel Capital Management, who said: 'In this environment, being able to post earnings as they did today is, I think, all-in good news'.
CEO Jamie Dimon said that current market conditions 'have affected, and are likely to continue to negatively impact, our firm's credit losses, overall business volumes and earnings - possibly through the remainder of the year, or longer'.
Bloomberg reports, however, that Lehman Brothers CEO Richard Fuld told shareholders at his firm's annual meeting in New York this week that, although the market remains 'challenging', 'the worst is behind us'.
Reuters reports that accounting firm Deloitte is doing a brisk business snapping up the most receivership mandates for SIVs. The firm has now been appointed receiver of Golden Key, an SIV set-up by Barclays, in addition to Cheyne Finance, Rhinebridge and Whistlejacket.
Finally, Bloomberg reports that shares in State Street fell 9.9% Wednesday, on concerns that the firm will be forced to bail out four mortgage-backed funds and faces losses of around $1.5bn. Fitch Ratings has said that the firm may have to raise capital. First-quarter profits came in up $69% to $530m.
