Credit Suisse, TD Ameritrade, Janus and more

Zurich-based Credit Suisse Group reported a third-quarter loss of 1.26 billion Swiss francs ($1.08 billion), compared with a profit of 1.3 billion francs in the year-ago period. The results reflected a write-down of 2.4 billion francs ($2.06 billion) in its leveraged finance and structured products businesses and a 3.2 billion franc pre-tax loss ($2.76 billion) in investment banking. Assets under management totaled 1.37 trillion Swiss francs ($1.18 trillion), down 12.8% from a year ago. TD Ameritrade, the Omaha, Neb.-based brokerage company, posted net income of $172 million, or 29 cents per share, down 14% from $200.4 million, or 33 cents per share, in the year-ago period. The results include $35.6 million in money-market losses, which stem from reimbursing clients for losses from The Reserve Primary Fund of New York. Average client trades per day increased 14%, while average commissions and transaction fees per trade edged up 1%. Client assets totaled $278 billion at the end of the third quarter, down 8.2% from the year-ago quarter. Additionally, Fred Tomczyk, TD Ameritrade's chief executive, announced that he wants to cut the company's reliance on trading commissions by drawing in more assets that generate fees, according to Bloomberg. Alliance Bernstein Holding LP posted third quarter net income of $64.6 million, or 73 cents per unit, down 39% from $106.01 million, or $1.20 per unit, in the year-ago period. Assets under management at the New York-based firm fell 28% to $590 billion, from $813 billion a year ago. Net outflows totaled $14.8 billion, including $9.1 billion in retail assets. Janus Capital Group Inc. announced plans to cut its workforce by 9% and trim expenses by $45 billion after it recorded a 60% profit drop. The Denver-based money manager reported net income from continuing operations of $26 million, or 16 cents per diluted share, compared with net income from continuing operations of $65.6 million, or 40 cents per diluted share, in the year-ago period. The company said that the workforce reduction will yield $15 million in annualized savings and will cut general and administrative expenses by approximately $25 million to $30 million. Assets under management declined 16% to $160.5 billion from $208 billion in the year-ago period. The decrease in firm assets during the quarter reflects $26.2 billion of net market depreciation, $4 billion in outflows from money market funds and $1.1 billion in long-term net outflows. Friedman Billings Ramsey Group Inc., battered in the subprime mortgage market, is evaluating "several strategic alternatives," including a possible sale of the company. The Arlington, Va.-based company posted a third-quarter loss of $169 million, or $1.12 per share, compared to $210.6 million, or $1.25 per share, in the year-ago period. FBR's Capital Markets Group reported a net loss of $28.6 million during the quarter and $119 million in charges related to mortgage-backed securities.