Friday, 19 December 2014
Last updated 7 hours ago
Sep 20 2007 | 11:27am ET
Bear Stearns Cos. today reported its third quarter profits plunged 62% following this summer’s collapse of two of its hedge funds, which Bear blames for $200 million of that drop.
Third-quarter net income dropped 61% to $171.3 million, or $1.16 a share in Q3. That’s down from $437.6 million one year ago, Bear Stearns said in a statement.
Meanwhile, Bear’s revenue from fixed-income sales and trading also caused a dent in Q3 revenue, falling 88% (to $117.6 million) compared to the same time period last year.
Bear’s CEO James Cayne called the current market conditions “extremely challenging.”
Meanwhile, the Wall Street firm also announced a $2.5 billion stock-buyback plan in an effort to boost share prices.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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