US trading revenues plummet in 2007
The banking regulator's quarterly report on US banks' trading and derivatives activities found that, in the fourth quarter of last year, banks lost $9.97 billion trading cash and derivatives instruments - their revenues were down $12.3 billion from third-quarter revenues of $2.3 billion.
"The large losses in the fourth quarter are the result of well-publicised writedowns on the super senior tranches of collateralised debt obligations backed by subprime residential mortgage securities," said the
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