European Banks 1H Results Reflect Impact Of Euro On FX

BANKS

LONDON--Two of the giants of the European FX business published their interim results last week, providing more evidence of the impact of the euro on the industry.

Both ABN Amro and Warburg Dillon Read (WDR), the investment banking arm of Union Bank of Switzerland (UBS), have reported that profits from FX are down this year, as the introduction of the single European currency reduced trading volumes.

The downturn was widely expected, and reflects the results reported by several of the US house