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When banks released first quarter 2017 results there was a focus on the recovery in broad fixed income revenues, compared with the same period in 2016. This was driven by strong performance in rates and credit products, however, which masked chronic weakness in FX and commodities.
Most banks do not disclose detailed breakdowns of revenue splits within fixed income (or equities), but the Coalition survey of first-quarter income for the 12 top investment banks revealed that G10 FX revenues fell 25% from the same period last year to $1.8
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