US investment banks’ revenues soar on back of investor demand

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Goldman Sachs, Morgan Stanley, Lehman Brothers and Bear Stearns all reported year-on-year upticks of around 50% in their fixed-income and forex revenues for the first half, which ended May 31.

Bernd Broker, London-based head of European FX at Bear Stearns, said: "There has been a lot of interest from clients -- from short-term speculators to long-term investors.

"The ‘FX as a separate asset class’ theme is true to a certain extent," he said, referring to an ongoing debate in the forex market

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