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FX news: Looking for FX clues in the Q4 numbers

US bank revenues compared for Q4 and full-year 2010

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. Despite the forthcoming regulatory necessity to restrict proprietary trading activity this doesn’t look as if it has been a factor contributing to the lower profits: average daily currency value at risk figures, where given, are generally only around 10% lower in 2010 Q4 than in 2009 Q4.

Figures in $million 2010Q4 2010Q3 2009Q4 2010 2009
JPM Chase (FI Markets) 2875 3123 2735 15025 17564
Citi (FI Markets) 1481 3501 1680 14075 21296
Goldman Sachs (FICC client exec) 1636 2687 3129 13707 21883
BofA Merrill (FICC) 1800 3527 1270 13158 12723
Morgan Stanley(FI sales and trading) -29 847 663 5867 4854
Wells Fargo (net gains, trading) 532 470 516 1648 2674
State Street(Trading services revenue) 310 228 270 1106 1094
BNY Mellon (FX & other trading) 258 146 246 886 1036

Citibank’s revenue from “Fixed Income Markets” in 2010 Q4 was $1.481

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