Foreign Banks Reassess Tokyo FX Operations Drawn By Hong Kong And Singapore's Charms
BANKS
A number of major players in global foreign exchange are reassessing Tokyo operations in favour of Hong Kong and Singapore, sources say. Goldman Sachs, Société Générale and Salomon Brothers are among those which have relocated dealing room staff from Tokyo to other Asian centres while Standard Chartered has cut its foreign exchange staff in Tokyo from 11 to four.
Sources say these moves reflect not only corporate cheeseparing but a considered view by a number of foreign banks on the negative
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