Foreign banks have gone on a spending spree in the United States, paying out more than $25 billion last year, according to a study released this week.

Spending was up 31% from 1992, the last time the Institute of International Bankers conducted its survey. International banks in 1996 employed more than 118,000 U.S. workers and spent nearly $17 billion on salaries, benefits, capital costs, and other operating expenses. That's up from 114,000 employees and $14 billion in 1992.

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