2nd Quarter FX Trading Proves Less Profitable Morgan Posts Disappointing $40 Million Gain

BANKS

As expected, foreign exchange trading revenues at U.S. banks fell sharply from those posted in the first quarter of this year and returned to levels more in keeping with those reported in the same period a year ago (FX Week, July 12). J.P. Morgan, the first FX giant to release, kicked off the quarter with particularly disappointing FX trading gains of $40 million.

Though a number of the large U.S. banks still hadn't reported their second quarter earnings by press time, those that have, appear

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