October - BoA announces Fleet bid

The immediate reaction from FX dealers was fear for their jobs -- it seemed overlap between the two institutions was unavoidable.

Yet by December, many officials were more relaxed: BoA does not have any dedicated FX staff in Fleet’s Boston HQ, and the regional market there is fast growing. Banks such as Royal Bank of Scotland and Bear Stearns have recently set up FX sales desks in the centre to service Boston’s large institutional client base, and the need for regional sales dealers is gaini