Loewy exits on a high note
The bank has installed Mike Powell, head of global markets and treasurer for Europe, as temporary head of FX until a permanent replacement is made in the next three or four weeks.
The new manager will take on responsibility for continuing the bank’s steady single-digit percentage growth in forex profits over the past five years, which reached $1.24 billion in 2003, the bank announced last week.
Part of that increase -- a 6% rise on $1.17 billion in 2002 -- can be attributed to the extremely
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