European banks down in Q3

UBS reported a 7% decrease in its fixed income rates and currency profit to Sfr1.96 billion ($1.57 billion) for the third quarter compared with the same period last year. Foreign exchange and cash and collateral trading reported increased revenue, but poor returns from derivatives trading in the US and Europe offset this performance, the bank said. Compared to the previous quarter, fixed income, rates and currency revenue were down 25% due to low interest rates and poor FX revenue. UBS's net