Top Firm Eyes Costs As Investment Banking Unit Posts $2.5bn Loss
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Deutsche CEO Josef Ackermann ominously warned: 'We remain rigorous in controlling costs and monitoring investment spending. We are redeploying both human and capital expenditure towards growth businesses and regions'. Ackermann said that 'in the month of March, pressure on the banking sector was more intense than at any time since the current credit downturn began', and warned risk positions over at the investment bank may continue to take a bashing from 'ongoing market dislocations and illiquidity in the credit markets'.
Finally, The Times reports that JWM Partners, the hedge fund founded by former Long Term Capital Management man John Meriwether, is said to be axing staff. The firm's flagship $1bn Relative Value Opportunity fund was said to have down some 32% as at the end of March.
