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Tuesday, June 5, 2007

Banks profit from asset-backed securities

By Paul J Davies in London
Published: June 3 2007 22:00 Last updated: June 3 2007 22:00
Investment banks are increasingly reliant on the business of turning mortgages and other kinds of debt into complex bond-like products to generate a significant share of their profits, according to research to be published Monday.
Banks globally saw revenues of almost $30bn from asset-backed securities business in 2006, which analysts at JPMorgan estimate is as big as the revenues generated by equity derivatives or cash equities trading.

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