Although few banks strip out the results, Euromoney believes that most of them have recorded bumper profits form their FX activities in 2008. Coming on top of generally solid performances in 2007, many will now be hoping that repeat performances will be seen in 2009.
If ever there was a bad year to have a good year, it is likely to have been 2008. With most other departments suffering badly, the bumper results produced by many FX units are likely to prove a sideshow in what will be a year of write-downs and general value destruction. The chances are that many FX participants will find they have not been rewarded as they think they should. Although this will...
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