Few U.S. FX Desks Triumph In Third Quarter '91 Bankers, Morgan Particularly Disappointing

There were relatively few bright spots among U.S. foreign exchange trading desks in the latest quarter. Foreign exchange revenues at twenty of the most active U.S. banks slumped to $24 million on average, down from the $28.45 million posted in the previous period and sharply below the $42.19 million reported in the third quarter, 1990.

Despite a triumphant first quarter, the relatively lackluster third quarter results have dragged year-to-date gains sharply below those posted in 1990. In 1991