US - Investment management earnings at JP Morgan Chase have been badly hit by the current "challenging environment".
Earnings fell from around $950m in the third quarter 2000 to just over $730m in the three months to September 30 this year – a decline of 23%. The bank reported third quarter operating earnings of $0.51 per share down from $0.70 for the same period last year.
The fall in asset management earnings were put down to lower management fees as a result of market conditions. Assets under management fell by 10% in the year to September 30, 2001.
JPMorgan Chase chief executive William Harrison said: “In this challenging environment, we think the best strategy is a tight focus on controlling risk and expenses. As the markets return to a more normal environment, our strategic platform will provide significant positive operating leverage.”
Other houses are also announcing falls in earnings with Merrill Lynch posting income of only $0.49 per share for the third quarter compared with $1.09 per share last in the same period last year – a fall of over 55%.
Merrill Lynch is also planning to reduce costs. Chairman and chief executive David Komansky said: “While our results are reasonable given a business environment that was deteriorating we are not satisfied with them. We are accelerating actions throughout all of our businesses to improve profit margins.”
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.