Review of 2004 - December: Deutsche cuts global forex
A senior FX official at a major rival bank reported that Deutsche was closing its forex operations in Tokyo and consolidating them in Singapore.
The bank was also downsizing its FX operations in Frankfurt with a shrinkage of its spot desk in the city. Furthermore, Deutsche was understood to be restructuring its management team for the foreign exchange business, although the bank did not confirm these changes.
There were also cuts reported in London, with Scandinavian institutional sales dealer
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