Record FX returns no compensation for continuing subprime losses
Citi was hit hardest, with $10.6 billion in subprime writedowns and credit adjustments, driving its fixed-income markets business to record a negative revenue of $6.9 billion for the quarter. Helping to partially offset the losses were record quarterly revenues in foreign exchange and local emerging markets.
At Merrill Lynch, currencies and rates also set a record for quarterly revenues, doubling those from the same period last year. However, these gains could not offset writedowns and value
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