US banks report strength in last quarter of 2006
NEWS
Last week, Citigroup, JP Morgan, Merrill Lynch and State Street all announced a significant uplift in revenues in their fixed-income divisions, including FX.
State Street said that trading-services revenue, which includes FX, was up 12% to $203 million. This was driven by higher volumes in FX, but partially offset by lower volatility.
JP Morgan reported revenues in the fixed-income market up 77%, which it attributed to weak comparatives in 2005 and an improved performance in currencies and
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