Citi Bank Frankfurt To Open Cross Rate Desk First Qtr. Start Eyed, B Of A’s Mertens Hired
BANKS
In an effort to increase profits and satisfy its corporate clients, Citibank Frankfurt has hired Bank of America’s Harald Mertens to start-up and manage a major cross-currency desk, which it hopes to have up and running sometime during the first quarter of 1991, a Citi official says.
"We want to differentiate ourselves from other banks [in Germany] that only quote dollar/mark and mark/yen," says one bank official. Mertens will head a desk that will trade Deutsche mark/Swiss franc, mark/yen and
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