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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who started this subject6/4/2003 1:11:23 PM
From: TFF  Read Replies (1) of 12617
 
Wall St buzzes as traders make $100m profit
By Ingrid Mansell



IT’S BEEN a while since Wall Street has had anything to cheer about. Wave after wave of scandal, a savage bear run and a dearth of big-ticket deals has silenced all but the most optimistic of the so-called “Masters of the Universe”.
But yesterday, the Street was buzzing again on news that a team of eight proprietary traders at JP Morgan Chase, one of the largest banks in the US, has racked up more than $100 million (£61 million) in gross profits in the first 100 or so trading days of the year.

The team, led by Even Berntsen, a 41-year-old Norwegian, and Alex Gurevich, used capital supplied by the bank to make large bets on currency and interest rate movements. Their performance harks back to the early Nineties, when banks let star traders roll the dice in pursuit of big profits.

However, the collapse of Barings in 1995 and the near-collapse of Long Term Capital Management in 1998 put a new emphasis on financial probity and risk control.

The success of Mr Berntsen’s team will revive a less popular tradition on Wall Street — that of the multi- million-dollar pay cheque. Analysts yesterday speculated that the eight-man unit will each take home upwards of $6 million in pay and bonuses.
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