Mid-Tier Thrives, Leaders Sink As US Banks Report Earnings

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NEW YORK--The US banks reported a mixed bag of foreign exchange results last week, as the industry continues to evolve rapidly following the introduction of the euro.

Analysts' expectations that FX results would be down across the board, after the loss of trading in the eleven legacy currencies and a decline in market volatility this year, have only been partially borne out. Surprisingly, while the top-tier players did conform to this pattern, many of the smaller US institutions continued to

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