Tide of writedowns rolls on for banks
Bank of America kicked off proceedings on Monday (April 21), with strong equity, FX and interest rate product results. The businesses were singled out as helping to improve non-interest income in its global corporate and investment banking division. Net income for the division was $115 million, up from a fourth-quarter loss of $2.97 billion.
While sales and trading revenue in liquid fixed-income products was up 28% on the fourth quarter to $744 million, this gain could not offset the large
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