US Investment Banks Show Q1 Strength With FX/Stir Earnings Solid, Say Sources
NON-BANKS
US investment banks continue to fare well, with a couple of the top shops reporting record net revenues for the first quarter. While these institutions do not break out FX trading revenues separately, sources indicate that they continue to enjoy strong results in this market sector.
Merrill Lynch reports net revenues rose 18 per cent from the first quarter of 1996 to a record $3.8 billion, "with increases in all revenue categories". Merrill also reports record quarterly net earnings of $465
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