16.10.2014 - Currency Trading Is Both Boon and Bane for Wall Street
Foreign-exchange trading is once again fueling revenue at Wall Street banks. It also remains one of their biggest headaches. Currencies bolstered third-quarter results of bond-trading desks at the three biggest U.S. banks, an unexpected boon as prosecutors weigh charges over allegations that traders rigged foreign-exchange rates. Fixed-income revenue at Bank of America Corp. surged 11 percent from a year earlier, “driven by strong results” in currencies, the Charlotte, North Carolina-based firm said yesterday. Citigroup Inc., the world’s largest foreign-exchange trader, reported a 5 percent increase, citing improvement in rates and currencies. The gain was 2 percent for JPMorgan Chase & Co., the biggest U.S. bank by assets...............................................Full Article: Source
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