Strong second quarter for major banks
In second-quarter results released on July 17, Merrill Lynch posted a 55% year-on-year net revenue increase in its fixed-income, currencies and commodities (FICC) business. Net FICC revenues at the bank reached $2.6 billion in the second quarter of 2007, up from $1.7 billion in Q2 2006.
Merrill Lynch attributed the positive FICC results to substantial net revenue increases from trading credit products, interest rate products and commodities. Increases were partially offset by a net revenue
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