JPM and Citi in Q4 losses
NEW YORK - JP Morgan and Citi are the latest banks to suffer hefty fourth-quarter losses in fixed income, despite strong showings from foreign exchange.
JP Morgan's results (Jan 15) showed that the fixed-income markets division was in deficit by $1.7 billion compared with a revenue of $615 million in Q4 2007. The bank said this slump occurred despite record figures for rates and currencies and a strong performance in commodities and emerging markets.
Markdowns of $1.8 billion on leverage lending
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