Top Firm Confirms Equity Derivatives Losses
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CEO Baudouin Prot also confirmed in a Bloomberg TV interview Wednesday that 'the financial crisis had a strong impact on our books. At the investment bank, we had slightly negative revenues for the first time in October'. Profit at the unit fell in the third-quarter to $50m (down from $990m in the same period last year).
The news agency also reports that hedge fund GLG Partners has suspended redemptions from its GLG Market Neutral Fund and GLG Credit Fund, citing 'adverse market conditions' which have resulted in the funds falling by around a third in value this year.
Reuters reports that Greenlight Capital, the hedge fund that made a killing shorting Lehman, is still betting that some large financial stocks will fall, although the fund is now more conservatively long.
Finally, The Wall Street Journal reports that Richard Fuld, the CEO of what's left of Lehman Brothers, is thought to be leaving at the end of the year. Fuld will go without any bonus or severance payments.
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