US banks still seeing record earnings

Foreign exchange trading revenue within State Street’s global markets group for the first half was $234 million, a 34% rise year-on-year from $175 million for the same period in 2003.

In the second quarter, FX trading rose by 13% to $116 million compared with $103 million for the same period last year. The increase was due to higher volatilities, which reflected higher cross-border investment activity levels by clients.

The surge was driven by a range of factors, said Mark Snyder, State Street’s

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