Record FX returns no compensation for continuing subprime losses

- By FX Markets Staff
- @FXMarkets_
- 21 Apr 2008

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Citi was hit hardest, with $10.6 billion in subprime writedowns and credit adjustments, driving its fixed-income markets business to record a negative revenue of $6.9 billion for the quarter. Helping to partially offset the losses were record quarterly revenues in foreign exchange and local emerging markets.

At Merrill Lynch, currencies and rates also set a record for quarterly revenues, doubling those from the same period last year. However, these gains could not offset writedowns and value

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