U.S. Banks Report Forex Revenue Slowdown For 1994 Due To Difficult Market Conditions
BANKS
The major U.S. money-centre banks posted substantial declines in foreign exchange-related and overall trading revenues in 1994 compared to the previous year because of difficult market conditions and scaled-back client demand, officials say.
Fourth-quarter foreign exchange revenues at market leader Citibank increased 17 per cent year-over-year, to $185 million, according to bank officials, and increased $3 million from the third-quarter level. For the year, foreign exchange revenues at Citi
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