Oppenheimer down as investment banking woes dent earnings

Oppenheimer Holdings

29/04/2022 17:26

** Shares of brokerage and investment bank Oppenheimer
Holdings Inc  OPY.N  down nearly 1% at $32.81
    ** Q1 net income plunged to $0.75/shr from $3.07/shr a year
earlier urn:newsml:reuters.com:*:nCNW1YmDFa
    ** Earnings were weighed down by "significant downturn in
equity capital market issuance" - CEO Albert Lowenthal 
    ** Higher inflation, the Ukraine crisis and the changed
interest rate environment are "draining energy from the equity
markets," Lowenthal adds
    ** IPOs, SPACs and other kinds of dealmaking slowed down in
the first three months this year
    ** The pipeline, however, remains strong with social media
giant Reddit and Bausch + Lomb eyeing IPOs in the coming weeks
    ** YTD, OPY has dropped 29% while the S&P 500 financials
index  .SPSY  has lost nearly 9%

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))