European Banks Lose Trading Share to U.S. as Crisis Cuts Revenue
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The biggest U.S. banks captured the highest share of global trading revenue in at least two years as their counterparts across the Atlantic reduced risk in the fourth quarter amid a worsening sovereign-debt crisis.
U.S. banks’ share of the total reported by the nine largest investment banks rose to 66 percent from 56 percent a year earlier and 60 percent in the third quarter. The increase occurred as revenue from trading stocks, bonds and derivatives at the five U.S. banks -- JPMorgan Chase & Co., Goldman Sachs Group Inc., Morgan Stanley, Citigroup Inc. and Bank of America Corp. -- fell for the sixth time in the past seven quarters.