Citigroup defies downturn

NEW YORK -- Citigroup has continued its record FX performance this year, but other US FX players continue to report lower year-on-year earnings.

The top global forex provider last week announced FX revenues of $1.4 billion for the first nine months of this year -- just short of its FX earnings for the whole of 2001 -- and up 32% for the same period last year. The bank's global head of FX in London, Richard Moore, said that although the FX business remains competitive, the bank's overall franchise

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