Yabba-Dabba-Doo! It's The Finkstones (BlackRock On Top)
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BlackRock CEO Larry Fink is one of the few CEOs emerging from the credit crisis with his reputation enhanced. In fact, the guy has almost achieved legend status. Not only as he managed to boost his funds under management during these difficult times, he has lead the firm through a challenging period, when it has been called on by the Fed and a host of big name financial clients to help sort-out troubled assets portfolios. And, at at time when most rival firms' profits are in the toilet, BlackRock has just posted a 23% jump in second-quarter earnings to $274.1m.
Fink said Thursday: 'Market conditions remain highly unstable as the credit crunch and sharply deteriorating global equity markets continue to take a toll on investors worldwide. However, there are very attractive opportunities for investors who have sophisticated risk management capabilities, and can withstand near-term price volatility'. Bloomberg quotes Wachovia analyst Douglas Sipkin, who wrote in a note Thursday: 'We know no other firm that can capitalize on the dislocation in the fixed-income market like BlackRock can'.
The Wall Street Journal reports that JPMorgan Chase posted a 53% fall in second-quarter earnings Thursday, which came in at $2bn. The company's stock rose on the news, however, as the results exceeded most analyst expectations. The firm's earnings were cut some $540m in the period as a result of Bear Stearns-related takeover costs. Credit reserves were increased by $1.3bn, whilst $1.1bn in leveraged loan and mortgage-related securities assets were written down. Profit over at the investment bank fell to $394m ($1.2bn in Q2 07). CreditSights Inc. analyst David Hendler said on Bloomberg TV: 'JPMorgan is like a raging bull prize fighter punching their way through the credit crisis. (The firm) has a fortress-like balance sheet, and that really helps them absorb these punches'.
The Wall Street Journal reports that Bank of New York Mellon posted a 33% fall in second-quarter earnings Thursday. Net income came in at $302m. Credit loss provisions were up 39% to $25m.
The Financial Times reports that traders are now 'betting that the credit crunch will still be hurting banks at the end of 2010, with financial institutions expected to be scrambling for cash to shore up their end-of-year balance sheets'.
Finally, Reuters reports that, according to five unnamed bankers involved on the deal, Goldman Sachs handled a Japanese government share sale this week for a record low fee - 0.7% of the $989m sale.
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