Deutsche cuts global forex

A senior FX official at a major rival bank reported that Deutsche is to close its forex operations in Tokyo and consolidate them in Singapore. The bank will also downsize its FX operations in Frankfurt with a shrinkage of its spot desk in the city. Furthermore, Deutsche is understood to be restructuring its management team for the foreign exchange business, although the bank would not confirm these changes.

There will also be cuts in London, with Scandinavian institutional sales dealer Ian S