Commerzbank’s FX Earnings Slide In 1999 On Back Of Lower Trading Volumes, Euro Arrival
SETTLEMENT RESULTS
FRANKFURT--Commerzbank’s forex trading profits dived 59 per cent year-on-year, on the back of lower trading volumes due to the euro, the bank announced last week.
Trading profits from forex, notes, coins and precious metals were down to EUR79 million ($80 million) last year, from EUR192 million ($214 million) in 1998.
Alfred Schorno, global head of FX at Commerzbank in Frankfurt, says the introduction of the single European currency was to blame--although the result masked good results in some
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