US Banks Report Generally Lower Forex Trading Revenues For 1996
BANKS
With the final three major US banks reporting 1996 foreign exchange trading revenues last week, the overall performance picture is disappointing, with only a few of the 12 banks reporting year-over-year improvements. Early releases had shown JP Morgan and Bank of America (BofA) with gains, but nearly all the second-tier banks reported lower earnings (FXW, January 20). Citibank comes out on top once again, but falls below the billion dollar mark that it crossed last year (see table, below).
Citiba
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