Citi rides out tough Q1

Some US market participants had reported a drop in FX trading volumes as clients -- both institutional and corporate -- stayed on the sidelines due initially to the build-up to war in Iraq, and subsequently due to uncertainties over the length of the conflict (FX Week, April 14).

However, Citi posted FX trading-related revenues of $418 million for the quarter, down 4% from $435 million for Q1, 2002. Richard Moore, global head of FX at the bank in London, told FX Week that despite the

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