US banks see slumped FX revenues in 2002

The first wave of full-year results from US banks showed that falling client business and dwindling volatility hit FX desks hard.

State Street reported FX trading revenues of $300 million for the full year 2002, down 19% from $368 million in 2001. The results reflected low currency volatility, said the bank.

Latin America specialist Fleet Financial took the biggest hit. Its FX revenues slipped 75% to $59 million in 2002 from $239 million in 2001. This was partly due to Argentina continuing to