Chase Set To Tighten Belt Another Notch But New York FX Desk To Remain At 45
BANKS
Management at Chase Manhattan Bank N.A. is on the war-path these days in an attempt to cut costs, but officials at the bank say that the New York foreign exchange department is safe, at least for the time being.
A source at Chase says that in order for the bank to meet its business plan, the New York foreign exchange division will have to be left intact with its current staff of 45. Chase reported a $49 million gain in the second quarter from its foreign exchange trading operation.
But despite
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