FacebookInstagramTwitterContact

 

Alexis Sanchez Move To Man United Shows Age Is No Longer A Factor           >>           Bloodied But Unbowed, Ronaldo Fights For His Status In Madrid, Globally           >>           Edin Dzeko Transfer In Doubt With Chelsea, Roma At Odds Over Bonuses           >>           Man City See Off Bristol Challenge, Reach First Final Under Pep Guardiola           >>           De Gea, Courtois Lurking As Navas' Future Remains Unclear After Kepa Deal           >>           In Hong Kong's Hot Stock Market, Warning Signs Go Overlooked           >>           $54 Billion Fund Seeks New Risks to Counter Fading Stock Premium           >>           Post Confirmation           >>           Oman Weighs $2 Billion Loan After Multi-Billion-Dollar Bond           >>           Over 205 Students Receive Contributions           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

admin@brudirect.com

 

ADVERTISING

marketing@brudirect.com

 

PRESS RELEASE

pr@brudirect.com

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events


The Incredibles 5Km Fun Run
January 7th, 2018 | 00:00 AM


KIDS PANCAKE MAKING & DECORATING CLASS
January 21st, 2018 | 14:00 PM


THE 1 NATION FREE WORKOUT
January 21st, 2018 | 17:00 PM


20th Consumer Fair
January 24th, 2018 | 00:00 AM


ITS A GIG 7
January 24th, 2018 | 20:00 PM





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 05:04AM

Subuh

: 05:14AM

Syuruk

: 06:36AM

Doha

: 06:59AM

Zohor

: 12:33PM

Asar

: 03:55PM

Maghrib

: 06:29PM

Isyak

: 07:42PM

 



The Business Directory


 

 



World Business


  Home > World Business


JPMorgan’s Equity Traders Took A $143 Million Loss On A Single Client


 


 January 13th, 2018  |  09:41 AM  |   452 views

BLOOMBERG.COM

 

JPMorgan Chase & Co.’s equities business took a big hit from Steinhoff International Holdings NV last quarter.

 

The bank recognized a $143 million mark-to-market loss on a margin loan to a single customer in its stock-trading unit, the New York-based firm said Friday in a statement. Chief Financial Officer Marianne Lake confirmed on a conference call with reporters that the writedown was tied to Steinhoff, the South African retailer engulfed in an accounting scandal.

 

Steinhoff announced on Dec. 5 that it had uncovered accounting irregularities. The disclosure prompted a plunge in the share price of the Frankfurt- and Johannesburg-listed company, along with the resignation of Chief Executive Officer Markus Jooste and Chairman Christo Wiese. Steinhoff last week said it’s seeking “significant near-term liquidity” for some of its business units.

 

Other banks will probably also have large losses tied to Steinhoff, though rivals may report the declining value of loans through higher credit provisions rather than a markdown like JPMorgan did, Lake said.

 

The loan loss turned a potential 12 percent jump in fourth-quarter equities revenue from a year earlier to little changed.

 


 

Source:
courtesy of BLOOMBERG

by Hugh Son and Jennifer Surane

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at pr@brudirect.com

 

Related News


Something ‘Fishy’ In Electoral Roll For Luyang Constituency – DAP

 2018-01-24 09:19:39

Pakistan Zainab Murder: Police Arrest Suspect

 2018-01-24 09:42:49

In Hong Kong's Hot Stock Market, Warning Signs Go Overlooked

 2018-01-24 11:18:56