US Banks Show Across-The-Board Gains From First-Half Forex Trading Revenues
BANKS
On the back of a strong second quarter, US banks are showing a much improved first half in terms of foreign exchange trading revenues. Citibank once again takes the lead, reporting forex earnings that are well-ahead of its closest competitor, Chase Manhattan Bank (see table below).
Citi reports FX trading revenues, which comprises gains from spot, forwards and options contracts, as $552 million for the first half, up 26 per cent from the $437 million reported for the same period last year. For
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