Credit crisis wipes out FX gains

Its fixed-income net revenues were $118 million in the quarter ending August 31, 88% lower than for the same period in 2006. "A general repricing of risk in the market led to significant reductions in both mortgage- and credit-related revenues as volumes decreased while asset values declined," Bear Stearns stated. A source at the US securities dealer told FX Week the results wiped out strong revenue gains from the European and Asian foreign exchange businesses.

Revenues at Lehman Brothers an