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One of the most profitable firms on Wall Street just lost money for the first time in a decade.
Jane Street is a so-called prop trading firm. The stake in Leopold Aschenbrenner’s hedge fund and positions in AI stocks were the main factors behind a huge $15bn loss in trading revenues, after a bruising sell-off in the sector during July.
The loss was a stunning reversal for a firm whose returns had become the envy of Wall Street. It also made clear just how far the secretive company has evolved from its roots as a nimble market maker and arbitrage trader, profiting from tiny differentials in asset prices over fractions of a second, explains the FT’s Jill Shah.
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