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Trading revenue up 184% at BofA
Bloomberg News
Bank of America's revenue from trading securities, commodities and derivatives almost tripled in the first quarter of 2000 compared with the last quarter of 1999, outpacing the national average.

Overall trading revenue at U.S. banks rose 55 percent in the first quarter of 2000 to a record $3.84 billion, as companies used more derivatives to protect against rising interest rates, according to the Office of the Comptroller of the Currency. Bank derivatives holdings rose 8 percent to $37.6 trillion, measured by face value, from $34.8 trillion the previous quarter.

Trading revenue for Bank of America was $616 million in the first quarter, up 184 percent from $217 million in the fourth quarter, the OCC said.

Chase Manhattan, the biggest U.S. derivatives trader, recorded $832 million in trading revenue during the first quarter, up 84 percent from $453million in the fourth quarter. Morgan Guaranty Trust experienced a 17 percent rise in trading revenue to $897 million, while Citigroup's trading revenue rose by 47 percent to $755 million.


In brief
BANK OF AMERICA is one of seven financial institutions that formed a multi-dealer foreign exchange service called FXall.com to give clients low-cost access to foreign exchange services. BofA joins Credit Suisse First Boston, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley Dean Witter and UBS Warburg in an online service that offers 24-hour access to the global foreign exchange market. FXall.com will automate the foreign exchange process, giving clients a single point of access for trade and research with all participating dealers.
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