U.S. Banks Report Active First Quarter; Foreign Exchange Trading Results Mixed
BANKS
More than half of the top 18 U.S. banks to report first quarter earnings so far have posted forex revenue in excess of the first previous quarter, which has come as a surprise to some dealers. After surging foreign exchange profits during the third and fourth quarters, when dealers took advantage of the European Monetary System's (EMS) troubled Exchange Rate Mechanism (ERM), many U.S. dealers expected first-quarter earnings to ease.
Unfortunately, a number of banks have followed the lead of J.P
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