Laying it on FICC: trading helps Goldman and Bank of America

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By Jasper Cox
15 Jan 2020

Fixed income, currencies and commodities trading (FICC) has been the clear area of strength in US bank results so far when compared with the fourth quarter of 2018, particularly in rates and mortgages. Underwriting fees have also come in high, but advisory earnings have suffered.

Reporting their fourth quarter earnings on Wednesday, Bank of America and Goldman Sachs continued the trend set by JP Morgan and Citi the day before, with FICC revenues up strongly from the fourth quarter of 2018, underwriting revenues also expanding, and advisory revenues ...

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