FleetBoston and Amex’s forex gains complete 2001 US rankings
NEWS
BOSTON -- FleetBoston and American Express Bank last week announced upticks in their FX revenues for 2001, completing a theme of general success for the US commercial banks in a difficult year.
The collapse of mergers and acquisitions activities, a drop in total average daily FX turnover, emerging markets turmoil and the events of September 11 all had their impact. However, the Federal Reserve’s aggressive round of interest rate cuts, and several bouts of currency market volatility over the year
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