Volatility in foreign exchange markets always helps Wall Street trading desks as investors and corporate Treasurers look to manage changes in currencies. But, does a drop in the value of the euro or the yen against the greenback chip away at their earnings which are reported in U.S. dollars?

That may not be the case for two major Wall Street firms, according to a report published by analysts at Bernstein Research on Wednesday. The analysts examined Goldman Sachs’ and Morgan Stanley’s businesses and found that the bottom-line impact of changing currency rates on brokerage firm earnings is “minimal.”

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