Wachovia reveals sharp revenue jump
In Q2 results released last Tuesday (July 22), the bank said fixed-income global rates revenues rose by $114 million to reach $264 million, from $150 million in Q2 last year.
However, gains were more than offset by $741 million in market disruption-related losses, largely in structured products. This was partly due a lack of effective economic hedges, which largely unwound during the second quarter, resulting in trading account losses of $426 million.
These losses had a knock-on effect for
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