FX Markets

Review of 2004 - March: Bumper start for US investment banks

Morgan Stanley, Lehman Brothers and Bear Stearns all announced in March their best-ever fixed-income results for the start of the year – and all of them noted the contribution made by foreign exchange to their swelling revenues.

Lehman Brothers’ fixed-income net revenues were up a massive 80% on its first quarter figures for 2003, to just over $1.6 billion for Q1 2004. The bank, which earned $891 million in fixed-income revenues for Q1 2003, was just behind Morgan Stanley, with $1.65 billion –

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