Jupiter's Gibbs warns banks may face further pain

A bearish Gibbs warns financials continue to face extreme challenges in 2009 and believes many banks may require further Government assistance as the economic environment deteriorates. Amid the worst equity markets in over a generation, Gibbs' S&P AAA-rated fund delivered a stunning 7.25% return against a 47.9% decline for the FTSE Financials Index. Gibbs attributes his strong performance last year to the addition of long-dated government bonds outside the UK and the large cash position built up in the fund, which was over 33% at 30 September. The manager says despite the poor economi...