State Street and BoNY buck earnings downtrend

Bank of New York saw a 15% year-on-year rise in its FX and other trading activities to $154 million in H1. "Foreign exchange activity recovered modestly in the [second] quarter as a result of increased volatility," said the bank.

Boston-based State Street’s FX trading revenues rose by 10% from the previous year to $175 million, up from $159 million for H1, 2002.

JP Morgan Chase, which does not report FX revenues, also saw a strong FX performance across the board during the first half of the