Antony's Feed
Jul 13, 2012
via Breakingviews

Jamie Dimon can’t swim past the whale just yet

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By Antony Currie
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Jamie Dimon can’t escape the whale just yet. The JPMorgan boss reckons he and the bank are mostly over the Chief Investment Office trading debacle. He and his lieutenants presented a pretty solid explanation of how the division racked up $5.8 billion of losses so far. And the fixes sound sensible. But JPMorgan still has a lot of trust to win back.

Jun 22, 2012
via Breakingviews

Downgraded banks should rush to borrow

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

What should the 15 global banks do now that Moody’s has cut their credit ratings? Go out and borrow money as quickly as possible is what. In times past, that might have seemed rash. After all, a debt downgrade is supposed to mean borrowing costs go up. And most of the banks affected probably don’t need the cash. But jumping back into the markets quickly is the best way to show up Moody’s.

Jun 19, 2012

Lazard’s new investor isn’t passive by nature

(Refiles to clarify reference to Evercore vote in third
paragraph.) (The author is a Reuters Breakingviews columnist.
The opinions expressed are his own.)

By Antony Currie

NEW YORK, June 19 (Reuters Breakingviews) – Ken Jacobs finds
himself in a rare and enviable position. Lazard’s (LAZ.N: Quote, Profile, Research) chief
executive now has Nelson Peltz’s Trian Partners as his
second-largest shareholder. The activist investor reckons the $3
billion Wall Street advisory firm is undervalued and could be
worth double in a couple of years – a similar conclusion to one
Breakingviews reached in April (See: Lazard Groupon
[ID:nL2E8FR31F]). But P eltz isn’t resorting to his usual tactics
of demanding a special dividend, a breakup or a change in
management to get there. Instead, he says his 5.1 percent stake
is a bet on current managers and their plan.

Jun 8, 2012
via Breakingviews

Review: Low finance can get into trouble, too

By Antony Currie
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

All financial institutions – not just those deemed too big to fail – need strong regulatory oversight. That is one lesson of Kirsten Grind’s new book about the demise of Washington Mutual, “The Lost Bank.” Grind, who covered the bank for Seattle’s Puget Sound Business Journal before moving to the Wall Street Journal, offers decent coverage of the bank’s demise in September 2008. But her incredibly well-researched account of how the bank got there is more captivating.

Jun 7, 2012
via Breakingviews

Nasdaq pours gasoline on Facebook fire

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By Antony Currie
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Nasdaq boss Bob Greifeld needed to find a salve for brokers singed by his exchange’s botch-job on Facebook’s market debut. The technological meltdown on the day of the initial public offering last month may have cost clients as much as $200 million. Instead, Greifeld fanned the flames.

Jun 7, 2012

Breakingviews-Nasdaq pours gasoline on Facebook fire

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)

By Antony Currie

NEW YORK, June 7 (Reuters Breakingviews) – Nasdaq (NDAQ.O: Quote, Profile, Research)
boss Bob Greifeld needed to find a salve for brokers singed by
his exchange’s botch-job on Facebook’s (FB.O: Quote, Profile, Research) market debut. The
technological meltdown on the day of the initial public offering
last month may have cost clients as much as $200 million.
Instead, Greifeld fanned the flames.

Jun 4, 2012
via Breakingviews

Activist flushes out Nomura and investor weakness

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By Antony Currie
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Is there a better way to shame an investment bank than pointing to deficiencies in bathroom etiquette? That’s what an anonymous Nomura investor has done in one of 18 proposals he or she has got on the docket for a vote at the Japanese investment bank’s annual meeting of shareholders later this month. Installing Japanese-style toilets for employees to straddle to “strengthen their lower body” is just one of several peculiar proposals scattered in among more mainstream ones. There’s more to the unnamed investor’s submissions, though, than meets the eye.

May 21, 2012
via Breakingviews

Nasdaq howler can’t explain Facebook flop for long

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By Antony Currie
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Nasdaq OMX is rightly coming in for a bashing after a systems howler on its U.S. exchange left Facebook’s stock trading in the dark for much of its public market debut on Friday. Chief Executive Bob Greifeld has already fessed up that the stock exchange was at fault. But the blunder has a limited shelf life as an explanation for Facebook’s IPO flop.

May 11, 2012
via Breakingviews

Jamie Dimon’s Ahab meets his Moby Dick

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

JPMorgan’s Ahab has met his Moby Dick. Chief Executive Jamie Dimon has toiled at length to build a bank strong enough to withstand the greatest of storms. The $2 billion hedging hit the bank disclosed late on Thursday will put JPMorgan to the test. Its capital buffers may be safe for now, but the ramifications are apt to be broader.

Apr 27, 2012
via Breakingviews

Review: Distilling Mulally’s managerial mojo

By Antony Currie
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Just how did affable, aw-shucks mid-westerner Alan Mulally manage to turn around Ford Motor? There’s no doubt that he has been the driving force behind the transformation of an old wreck into one of the world’s most profitable auto companies. Witness the Motown manufacturer’s first-quarter results: $1.4 billion of net income globally while its North America auto business cranked out its best showing in over a decade, a pre-tax profit margin of 11.3 percent. Five years ago, such numbers would have been considered a pipe dream for any U.S. carmaker.

    • About Antony

      "Antony Currie has more than a decade of experience as a financial journalist, having worked with Euromoney since 1996, most recently as a U.S. editor. He has worked on assignments in the major financial centers of Europe and the U.S. and written stories on capital markets, global economies and the investment banking industry. He holds a bachelor's degree in German language and literature and a master's degree in politics and international relations from the University of Bristol."
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