A multipronged bet on AMC Entertainment Holdings Inc. AMC 15.39% boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders. Mudrick’s flagship fund lost about 10% in just a few days as a jump in AMC’s stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.
Citadel Securities reached a truce with a British hedge fund over the attempted hiring of a senior trader, ending a lawsuit that was set to consider the makeup of a secret algorithm. Ken Griffin’s market maker and GSA Capital Partners LLP reached a confidential settlement, GSA said in a statement Thursday. The agreement followed claims that GSA Capital obtained information on a closely-guarded trading strategy when it sought to recruit a former quant researcher, Vedat Cologlu, at Citadel Securities.
Wall Street banks must speed up their efforts to stop using Libor, regulators said Friday, issuing one of their sternest warnings yet about abandoning the scandal-plagued benchmark. From Treasury Secretary Janet Yellen to Federal Reserve Chairman Jerome Powell, watchdogs made clear during a meeting of the Financial Stability Oversight Council that time is running out. The admonishment — coming from the heads of all of the U.S.’s most powerful financial agencies — marked a remarkably high-profile push to light a fire under banks including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc.
JPMorgan boss Jamie Dimon said the idea of hybrid working has been “blown out of proportion” and that the working world will look similar to before the Covid-19 pandemic by September. Speaking at the Women Corporate Directors Global Institute conference on 10 June, Dimon said that up to 60% of JPMorgan’s 200,000 employees will be in the office, and 30-40% of people will come in half the time as “long as it works”.