European banks' profits slide
As the euro hit an all-time high, nearing 1.30 on Friday (November 5), banks such as UBS, BNP Paribas and HVB Group all reported sinking revenues from trading FX and related products, blamed on the weak trading environment.
"Market conditions for our trading-related business have swung considerably from an exceptionally favourable first quarter to the rather tough environment in third quarter," said Marcel Ospel, chairman, and Peter Wuffli, chief executive officer, at UBS in Zurich. The bank's
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