Q3 U.S. Bank Forex Revenues Slide Compared To 1993 Bumper Results

BANKS

Foreign exchange income at U.S. banks fell sharply in the third quarter against their bumper revenues for the same period of last year. Despite a continued lacklustre market, however, some banks managed to improve their performance over the second quarter.

Market leader Citicorp, however, did not have a good quarter by any measure. The bank reported $182 million in foreign exchange revenue for the third quarter, a 30 per cent fall on a quarter-to-quarter basis, and 26 per cent below the $245