US banks' FX revenues hit hard
NEW YORK – Slowing client flows at Goldman Sachs have contributed to a slump in the bank’s fourth-quarter foreign exchange revenues compared with the same period in 2008.
Last Thursday (January 21) Goldman Sachs said net revenues in interest rate products and currencies were “significantly lower compared with the fourth quarter 2008”, but said net revenues in commodities were essentially unchanged. The bank said its fixed-income, currencies and commodities (FICC) division, which includes FX, had
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