Mixed Q2 results for US banks
BOSTON & NEW YORK - State Street and Morgan Stanley posted a mixed bag of second-quarter results last week, with the former seeing a decline in foreign exchange revenues.
State Street reported a 3% decline in trading services revenue, which includes FX trading and brokerage, and other fees, dropping to $310 million for Q2 2009 from $320 million in the second quarter a year ago. The bank said foreign exchange revenue fell by 16% year on year due to lower volumes, partially offset by higher
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