U.S. Banks Report Steady Gains In 3Q Although Most Are Lower Than Last Year
BANKS
Third-quarter earnings from foreign exchange trading at most of the biggest U.S. FX banks were down in a year-over-year comparison.
But this result did not surprise bank executives surveyed, since a year ago most U.S. banks logged extraordinary gains due to the crisis in the European Monetary System's Exchange Rate Mechanism (ERM). Instead, most bank sources were "pleased" with quarterly earnings, which in most cases were up marginally from the prior quarter.
Oddly, it was the biggest market
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