By Robert Friedman, William Ahearn
With assistance from Elena Logutenkova in Zurich.
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.
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