US Investment Banks' Year-End Results Show Strength In FX
BANKS
NEW YORK--Despite weak results in most other areas, analysts say the US investment banks are showing strong end-of-year results from foreign exchange due to the high levels of volatility and upheaval in the markets throughout last year.
While none of the US investment banks break out FX trading results from their income statements, officials and market sources indicate that 1998 was a bumper year for these institutions.
David Gilmore, a partner at FX Analytics in Essex, Connecticut, says the
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