BofA Comes Good, Hedge Fund Killing, Bonuses
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CEO Ken Lewis said in a statement: 'We are pleased with these solid results in a difficult financial environment.....Outside of real estate-related products, our operating results were quite good virtually across all business segments. This performance demonstrates not only the advantages of our company's diversity and scale, but also the ability of our associates to differentiate Bank of America in the eyes of customers and clients'. The bank's investment banking unit posted a 3% increase in its profits to $1.75bn, after delivering $765m in revenue from fixed income underwriting.
The Independent reports that hedge funds may have made over $2bn from shorting shares in UK-based bank HBOS. The likely winners include Harbinger Capital, Lansdowne Partners, Jabre Capital Partners, Meditor Capital Management and three separate Marshall Ward Funds.
And The Wall Street Journal reports that, according to investors, hedge fund Paulson & Co, which made around $15bn last year, is up as much as 20% in some of its funds through 30th June. Harbinger Capital Partners I is said to be up 42% through June, while Peter Thiel's Clarium Capital Management is thought to have risen 50% in the first half of the year.
Finally, Reuters reports that New York state Governor David Paterson said Monday that he expects Wall Street firms to cut back on staff bonuses by some 20% this year, costing the state some $700m in tax revenues.
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