JPMorgan Chase was first to market last Friday with its profit figures for 2010. It showed stable FICC income for the fourth quarter but a decline of 14.5% for the whole of 2010. This week, as the other big US banks declared their profits, it became clear that few made more out of FICC in 2010 than they did in 2009. Where reasons are given for the subdued year they generally mention the challenging environment, lower levels of activity and tighter spreads.
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