If his task is shorting, he doesn't need to create a return. Breaking even is probably a great success. I read somewhere that most shorting desks take losses, but it is an aspect of a greater whole that requires that.
To lend shares to itself, a broker creates subsidiaries to lend to (JP Morgan X, JP Morgan Y), and those subs would potentially post losses, which presumably the parent can deduct from its taxable revenue. This is what happens over at SYR anyway.
Morgan Stanley beat Macquarie, page-38
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