Top three make biggest gains

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Earnings power is now growing fastest not among the top five or 10 institutions -- but among just the three biggest banks in foreign exchange -- Citigroup, UBS and Deutsche Bank.

For fiscal 2002, those three banks earned 31% of the total revenues of the top 30 banks in FX -- for the past five years, the top three’s proportion of top-30 earnings has been stable at around 26%--27%.

Each bank in the top three also saw upticks in year-on-year earnings -- Citigroup was up 18%, UBS a massive 50%

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