Big trading operations were a thorn in the side of the top U.S. banks in the fourth quarter as fears about global growth sent credit markets into a tailspin, but a “dovish” turn from the Federal Reserve may mean the drama is over for now.
Citigroup Inc, JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. all reported declines in fourth-quarter revenue from their key fixed income, commodity and currency trading arms, although overall results at most were cushioned by improving loan growth and net interest margins.
