OCC reports earnings uptick for US banks

In its latest quarterly derivatives report, the OCC said active derivatives trading continues to be concentrated at seven banks, with JP Morgan Chase, Bank of America, Citibank, Wachovia Bank, Banc One, HSBC and Wells Fargo accounting for nearly 96% of the total notional derivatives in the commercial banking system. JP Morgan Chase, with $30.7 trillion of derivatives exposure by notional amount, is the biggest dealer, according to the report. This is followed by Bank of America, which has $1

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