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US Banks Kick Off US Reporting Season; Citi Opts Out of Reporting FX

Annual results by the first of the US reporting banks indicates a healthy year in FX, as suggested by Profit & Loss in the October 2004 issue. In a surprise move, Citigroup is no longer breaking out FX trading revenues in its annual results. At the end of the first half, Citi reported FX trading revenues of $1.431 billion, putting it close to topping its own full year 2003 results, which were $1.782 billion – but now the US behemoth is only reporting a total combined fixed income number, which includes FX.

Citigroup reports it earned $9,085 million from its fixed income division, a 3% increase over the previous year when $8,833 million was recorded. For the final quarter, results in the fixed income division were up 12% to $2,229 million, versus $1,999 million in Q4 2003.

Of those still releasing FX results, Bank of America reports full year FX revenues increased by 37.4% to $757 million, up from $551 million in 2003. The fourth quarter was particularly strong, with revenues reported of $233 million, a 50.3% increase over the same period in 2003, of $155 million.

State Street also showed steady gains, with FX trading revenues up by 7.4% to $420 million in 2004, up from $391 million in 2003 (on total revenue amounting to just over $4 billion).

However, results dipped 3% in Q4, with $111 million reported for the period, compared with $115 million for the same period in 2003. This, the bank says, is because fourth-quarter results for the previous year (2003) included bumper revenues of $18 million, earned from an FX contract settlement with Deutsche Bank. State Street nevertheless says that the slight decline in the fourth quarter has been offset by increased volumes and volatility.

Profit & Loss

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