Unibank To Quit London Interbank Spot Market But Will Maintain U.K. Corporate Sales Desk

Copenhagen-based Unibank will be scaling back its London treasury operation starting November 1 as part of an across-the-board 22 percent cut in staff and a change in its international strategy, treasury officials at the bank confirm. Treasury director Hardy Larsen says the bank's losses--expected to be DKr4 billion ($700 million) this year--are forcing it to cut costs.

"We have decided to concentrate our European operations in Copenhagen," he says. Subsidiaries in London, Luxembourg, and Geneva