London Banks See Solid, But Not Record FX Revenues In 1991, Despite Recession

BANKS

Debt problems and economic weakness may have depressed overall bank earnings for 1991, but treasury officials in London say it wasn't such a bad year in foreign exchange. In fact, most were surprisingly upbeat about the year gone by given increasingly arid market conditions and continued consolidation.

It was a year, says Midland Bank treasury director David Clark, dominated by capital flows during which customer base and product differentiation grew in importance. Banks began to get a handle