Chase, Morgan Post Big Forex Gains But Going Gets Tough For Smaller Banks
BANKS
Thank goodness for June, traders surveyed said about second quarter foreign exchange trading revenues. Though activity slumped in the first two months of the quarter, some banks managed to ride the dollar's slide last month to their advantage. In fact, Chase Manhattan Bank and J.P. Morgan both reported greatly improved foreign exchange trading gains in the quarter.
Other banks weren't so lucky in the quarter, though strong overall results will likely take the sting out of lower trading revenues
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