Top Three U.S. Banks Report First-Quarter Declines In Foreign Exchange Revenues
BANKS
Citibank's quarterly foreign exchange earnings dropped to their lowest levels since the bank started breaking out FX in 1988, according to Citi officials (see related article, this issue). First-quarter FX trading revenues dropped sharply to $66 million during the quarter, a whopping 73 per cent decline, compared with $240 million for the same period a year ago. The last time Citi had earnings from FX anywhere near these latest figures was during the third-quarter of 1989 when they were $84
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