Knight Capital CEO: “It Ain’t Good” When We Lose Four Times Our Annual Profit In A Matter Of Minutes

Knight Capital has “all hands on deck” and is in close contact with clients and counterparties as it tries to weather trading errors that cost it $440 million, Chief Executive Officer Thomas Joyce said. Joyce said it’s “hard to comment” on discussions with creditors as Knight stock extended a two-day plunge to 70 percent and the firm explored strategic and financial alternatives following a loss almost four times its annual profit. The problems were triggered by what Joyce called “a bug, but a large bug” in software as the company, one of the largest U.S. market makers, prepared to trade with a New York Stock Exchange program catering to individual investors. “Technology breaks,” Joyce said in an interview on Bloomberg Television’s “Market Makers” program with Erik Schatzker and Stephanie Ruhle today. “It ain’t good. We don’t look forward to it.” [Bloomberg]

(hidden for your protection)
Show all comments

71 Responses to “Knight Capital CEO: “It Ain’t Good” When We Lose Four Times Our Annual Profit In A Matter Of Minutes”

  1. Guest says:

    Please define this word "profit".

    -UBS Board of Directors

  2. Guest says:

    Misery loves company


  3. 2_Small_2_Bail says:

    Drops 2 of the more cliched synonyms for "We're so fucked" with "All hands on deck" and "Hard to comment" and then comes in with a fresh, rural "It ain't good". Nice.

  4. Just a Flesh Wound says:

    Knight needs to merge with Metro North to survive.

  5. Ever the optimist says:

    Oh well, it's summer time and there's usually a good renaissance fair going on somewhere.

  6. anon says:

    Throwing VaR and somebody else under the bus would've made this much more easier on you.

    –Jamie D.

  7. SellingLow says:

    "a bug, but a large bug."

    I'M ON IT!

    -The Orkin Man

  8. Guest says:

    I love the irony in that he was on Market Makers.

  9. Walter says:

    Ah, fuck it dude, let's go bowling.

  10. guest says:


  11. Roughneck says:

    They have to find and kill the brain bug. It's the only way to know for sure.

  12. just wondering says:

    Did you eat a lot of twinkies as a kid?

  13. Nick Leeson says:

    Put it in the error account, it'll come back.

  14. Mr. Knight says:

    We need some new capital, and we swear we are not going to lose it all this time ok. seriously

  15. guest says:

    Next stop, Knights of the Round Table selling their table to post collateral.

  16. Fatandhappy says:

    Bad day?

  17. Guest says:

    EH! Make a market…….fake a market its all good. Bernie Madeoffwithit

  18. guest says:


    -Things that ain't good

  19. guest says:

    UBS Capital CEO: " You know you get used to it "

  20. Guest says:

    Serious question – Whats Knight CDS at right now?

  21. guest says:

    All I have to say is AWESOME picture Bess, Bravo!

  22. John says:

    You know what I'm good at? One word: Bedazzaling. I could bedazzle the shit out of that knight's tunic and no one would even notice the $400MM loss.

  23. Mideval Times says:


    I bet Matt was hot in that armor. How long did you make him lay in the grass like that? I hope you at least bought him a Mr. Softee afterwards.

  24. fdfdfd says:

    One of the most entertaining interviews ever, what was that guy thinking?

  25. Thomas Joyce says:

    Who wants a smoothie? I'm buying…

  26. ih8edjfkjr says:

    I see the problem here, you've got yer culture of client focus and yer culture of compliance, but you forgot yer culture of not losing $440MM in 30 minutes. Get that and you're golden.

  27. ShuttheFupDonny says:

    "You're not good Noonan…you stink"

  28. Guest says:

    Soon, they ain't gunna have no nuttin'

    – UBS Honda Mechanic Quant

  29. You know says:

    You heard me…I don't like losses sport. Nothing ruins my day more than losses

  30. 2StopShop says:

    Can we get "Bonus Watch '12" for Knight Capital first year computer programmers?

  31. Kweku Adoboli says:

    You need a system to do that for you ?

  32. nelson muntz says:

    HA HA

  33. ConsumerAlly says:

    We're gonna need a bigger boat