JP Morgan leads US banks’ FX trading revenues

Only two dealers saw revenue growth through 2023 as Goldman Sachs reports 75% drop

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JP Morgan was the top US dealer for foreign exchange trading revenues in 2023, overtaking Citi to record more than $5.5 billion for the year, according to regulatory filings. 

The investment banking giant’s FX revenues were up 12% on 2022, making it one of only two US banks – the other being Wells Fargo – to record a year-on-year increase.

Citi reported the highest FX trading revenues of all US banks in 2022, but it saw them fall 15% last year to $5.4 billion, while Bank of America recorded a

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