Banks count cost of May's mayhem



The cost to banks' trading desks of the credit market's volatility in the second quarter became clear in July as US banks started publishing their interim financial results. Citigroup, Goldman Sachs and Morgan Stanley all reported significant downturns in their fixed-income sales and trading revenues, citing weak credit trading conditions.

Credit analysts report banks were hit by a double whammy: from proprietary trading losses, particularly from those who were trading correlation in May, and

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