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HSBC is considering outsourcing parts of its trading operations to improve returns and reduce technology costs, potentially partnering with firms like Citadel Securities and Jane Street. This move reflects the challenges faced by major banks in competing with non-bank liquidity providers, which have significantly increased their market share. Under new CEO Georges Elhedery, HSBC is restructuring to focus on profitable areas, having already cut back on subscale operations in mergers and acquisitions.
Adam Hoffman, a former student campaigner against wokeness, graduated from Princeton in 2023 and joined Citadel in 2024 before linking up with Elon Musk’s DOGE in 2025. Meanwhile, Barclays CFO Anna Cross is closely monitoring client returns, and investment banking vacancies are seeing a decline in remote work offers. In Paris, the financial sector faces layoffs as the market shifts, with Deutsche Bank planning to cut 2,000 retail banking jobs amid regulatory challenges.
Elon Musk’s Department of Government Efficiency has hired Adam Hoffman, a former assistant to billionaire Ken Griffin at Citadel, to assist in reducing costs within the US national security sector. Hoffman's recruitment is part of efforts to streamline operations in this area.
JPMorgan Chase is set to increase its equities trading revenue by over 30% this quarter, potentially surpassing its $3.3 billion record from four years ago. This surge contrasts with challenges faced by hedge funds and dealmakers due to market volatility triggered by President Trump's policy announcements, which have created uncertainty in merger activities and consumer confidence. The evolution of equities desks since the 2008 financial crisis has shifted their earnings focus from risk-taking to facilitating client trading amid price fluctuations.
JPMorgan Chase & Co. is set to achieve a 30% increase in equities trading revenue this quarter, potentially surpassing its previous record of $3.3 billion. This surge contrasts sharply with the struggles of multistrategy hedge funds like Citadel and Millennium Management, which faced losses amid market volatility. While investment banks thrive, concerns linger over market uncertainty due to abrupt tariff announcements.
JPMorgan Chase & Co. is poised to increase its equities trading revenue by over 30% this quarter, potentially surpassing its $3.3 billion record from four years ago, driven by market volatility from President Trump's policy shifts. This trend may also benefit Goldman Sachs and Morgan Stanley, while hedge funds like Citadel and Millennium Management face losses amid the uncertainty affecting deal-making and consumer confidence. The evolution of equities desks since the 2008 financial crisis has shifted their earnings focus from risk-taking to facilitating client trading in response to market fluctuations.
In 2010, Laszlo Hanyecz made history by buying two pizzas for 10,000 bitcoins, valued then at $41, but now worth over $1 billion. Wall Street's views on Bitcoin have shifted dramatically, with figures like Larry Fink embracing it as a legitimate asset, while Jamie Dimon remains a staunch critic. Others, like Ken Griffin and Ray Dalio, express mixed feelings, acknowledging Bitcoin's value yet questioning its role in the financial system.
Ken Griffin’s Citadel is set to stand out in a challenging year for commodities trading, achieving approximately $4 billion in profits, primarily from natural gas trading. This performance positions Citadel to match last year's impressive results, reinforcing its status as a leading player in the asset class.
Citadel Advisors, Pimco, and Western Asset Management are set to acquire stakes in Spirit Airlines following the airline's bankruptcy restructuring. These firms, which hold Spirit's 8% senior secured notes due in 2025, will exchange these notes and convertible bonds for equity once the company exits bankruptcy next year.
Apollo Global Management and Citadel are raising concerns about the risks associated with the growing dominance of passive funds, highlighting hidden costs such as increased volatility and reduced liquidity. Citadel argues that regulators are underestimating the importance of active managers, which hampers their growth. This comes as US exchange-traded funds, a key component of passive investing, see record net inflows of $913 billion this year, pushing total assets beyond $10 trillion amid a strong US stock market.
Kenneth C. Griffin
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hsbc considers outsourcing trading operations to enhance competitiveness and cut costs
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