US banks report profits down in third quarter
NEWS
Citigroup's fixed-income markets division, covering forex, reported revenue down 16% on last year, primarily driven by lower results in FX, interest rate products and commodities.
Bank of America's Corporate and Investment Banking (CIB) segment, which includes FX, showed a 14% increase on the third quarter of 2005, mostly attributed to the sale of its Brazilian operations. Excluding the Brazilian sale, BoA's CIB net income was down due to increased personnel costs, reflecting the expansion of
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