Deutsche Bank Plunges On Latest Debt Trading Revenue Warning
25 September 2013, by Tyler Durden (Zero Hedge) First it was Jefferies. Then Citi. Now it's Deutsche Bank's turn: - JAIN EXPECTS 3Q DEBT TRADING REV. TO DECLINE `SIGNIFICANTLY' - JAIN SAYS CB&S AFFECTED BY MARKET ENVIRONMENT - JAIN SAYS 3Q TRADING RESULTS DIDN'T BENEFIT FROM CATALYST - JAIN EXPECTS TO TAKE ADDITIONAL LITIGATION RESERVES Stock promptly plunges because nobody could have possible foreseen this... Shortly, everyone else. Which is funny, because a week ago we asked: Just how, if at all, are banks hedged or providioned for an increase in volatility and/or rates from these levels, if a mere 4% blimp in equity markets caused Jefferies to nearly write-down it entire bond-trading revenue for the quarter? We now know: not at all. We also said: "And now that Jefferies is in the record books, just how bad with bond trading results for the rest of the big banks be? (See Article above) We should know in about 4 weeks." Answer: very bad. <p><br /> <strong><span class="font-size-4">Check out the member blogs, videos, and discussions <a href="http://12160.info/">http://12160.info/</a></span></strong></p> |
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Jefferies' Epic Plunge In Bond Trading Revenues Shows Not All Is Well
18 September 2013, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/2013-09-18/jefferies-epic-plunge-bond...
Excerpt:
The aspirational bulge bracket firm that is best known for issuing and trading $200 million or thereabouts-sized HY bonds, hiring all recently terminated UBS bankers, and writing highly confident letters for Carl Icahn, also happens to be a very useful early indicator of the general state of the banking industry.
Since it is one of the very few original Investment Banks left that did not convert into a holding company, and shift its calendar to a December 31 year end (everyone remembers that stub month in 2008 when every bank took epic writedowns, padded their credit reserves for the next 5 years, and... effectively deleted it by moving from a November 30 to a December 31 calendar),
Jefferies also provides a glimpse into general trading dynamics (and revenues) one month early.
"Destroying the New World Order"
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