British Clearing Banks Report Better FX Gains Despite Generally Bleak Overall 1991 Results
BANKS
Despite generally disastrous results overall, the British clearing banks, Barclays Bank, National Westminster Bank and Lloyds Bank, all managed to turn in stellar performances in foreign exchange in 1991.
Barclays, whose pretax profit dropped 30 percent from £760 million in 1990 to £533 million in 1991 due mostly to bad debts, raised its foreign exchange trading income by some 37 percent from £159 million in 1990 to £218 last year, the best performance among the three. (Like all the British banks
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