Citing Poor N.Y. Profitability, Creditanstalt Lays Off Dealers
BANKS
In a move that caught market participants by surprise, Vienna-based Creditanstalt Bankverein released its senior foreign exchange staff in New York, in what amounted to a 15 percent branch-wide staff reduction.
Steve Jeffers, the branch's deputy general manager and treasurer, desk manager Larry Ryan, and chief dealer Terry Gerber, were among those quitting the branch just before the Easter weekend.
The move signals a shift away from interbank trading at Creditanstalt in New York, and leaves only
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