Warburg Dillon Read Axes 60 Of 550 Foreign Exchange Staff
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ZURICH--Warburg Dillon Read (WDR) has sacked 60 staff in its global foreign exchange division.
The bulk of the cuts have come from the middle office -- admin staff, front-end trading and the order desks. There are 550 employees in the entire division.
The bank has tried to play down the cut claiming that the dismissals only represent a 0.5 per cent reduction in its overall manning levels.
The cuts have hit the bank’s trading hubs in Zurich, London and New York, said a spokesperson at the bank last
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