Major banks hit by increase in correlation

The bite from the credit crunch has finally taken a chunk out of the profits declared for equity derivatives as correlation goes against the banks. The biggest losers are the biggest players, with BNP Paribas, Societe Generale and Deutsche Bank reportedly suffering the most.

In its first-quarter earnings statement, BNP says: "In the equity derivatives businesses, revenues were adversely affected by the unexpected fall in certain dividends, the erratic variations in volatility and very strong

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