U.S. Investment Banks Suffer Fall In Second-Quarter FX Gains

NON-BANKS

Foreign exchange revenue at major U.S. investment banks fell more sharply than analysts predicted in the second quarter. Sources attributed this to higher short-term U.S. interest rates, a weak dollar and turbulent securities markets. "The quarter in general was a little weaker than we expected," Salomon Brothers analyst Thomas Facciola says "but (players) were able to make money by cutting some expenses."

The second-quarter figures are poor by comparison to the same period of 1993 which was

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