US forex back on form in first quarter
Goldman Sachs reported Q1 fixed-income, currencies and commodities (FICC) net revenues of $7.39 billion, 13% higher than Q1, 2009 and 86% higher than Q4, 2009. The bank, which is facing fraud charges from US regulators, attributed the Q1 performance to strong client-driven activity and increased volumes, despite a decline in volatility.
Bank of America Merrill Lynch saw strong Q1 FICC sales and trading revenues of $5.52 billion, a 15.67% increase on Q1, 2009, and a 334.25% increase on Q4, 2009
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