FX is platform for growth at Merrill

"We have significantly enhanced our foreign exchange activities around the world and grown revenues considerably in this area. As a result of these efforts, the revenue profile of our debt business is more balanced and we have more sources of potential growth," he said in the bank’s annual report, out last week.

He said these opportunities would require "relatively little additional investment", but have the potential to produce "significant additional revenue".

Michael DeSa, the global head

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