Most U.S. Banks Post Lower Revenues From Foreign Exchange Dealing In Q1


As generally expected, foreign exchange trading revenues were lower in the first-quarter earnings reports released by most U.S. banks last week, compared to a year ago (FXW, April 12).

Citibank was the top-performer for the period, although first-quarter earnings were down 33 per cent compared to a year earlier. Citibank reports $205 million for the quarter, off from the $305 million last year, but up by 17 per cent from the fourth quarter, when the bank posted $175 million in FX revenues.