U.S. Banks Report Solid Q2 Earnings But Few Boast Of Extraordinary Gains

BANKS

Second-quarter foreign exchange trading revenues at the major U.S. banks, while generally not as strong as first-quarter earnings, show sizeable improvements over the comparable period a year ago. Citibank places firmly at the top of the earnings table with $323 million in FX revenues (see related article, this issue), leaving itself a comfortable lead over its nearest competitor, Bank of America (BofA), which posted $80 million in forex revenues.

"It wasn't a fantastic quarter, but it was a