Wednesday, 30 July 2014
Last updated 13 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…