- A single company has been blowing a hole through Wall Street bank earnings.
- The “single client” has reappeared in the fourth-quarter announcements of major banks as the culprit for hundreds of millions in unexpected, one-time losses.
- While other banks were publicly mum, JPMorgan and Goldman Sachs identified the culprit: Steinhoff International, a South Africa-based retailer whose stock cratered after an accounting scandal.
- “It is by far and away the largest loss in [the equity] business we’ve seen since the crisis,” JPMorgan CFO Marianne Lake said.
A single company has been blowing a hole through Wall Street bank earnings, reappearing in the fourth-quarter announcements read more >>>