Security Pacific Shuts Down London Desk; Prepares For Merger With Bank Of America

Security Pacific Bank has closed its foreign exchange trading operation in London in preparation for consummation of its merger with Bank of America, according to officials at both banks. Paul Chapell, treasury director at BofA in London, says the move was made last month; a SecPac insider, who prefers not to be identified by name, confirms that SecPac is no longer trading in the interbank market in London.

Although a "handful" of staffers have remained to wind down the business--including