Mellon Exits London Interbank FX Market But Leaves Corporate Advisory Team Intact
BANKS
In an attempt to redefine its role in the European foreign exchange market, Pittsburgh-based Mellon Bank closed its interbank foreign exchange trading desk in London last week, but left its two-man corporate advisory team intact.
"We did not see, given present market conditions, that foreign exchange trading [in London] would be a significant contributor to profits at the bank," says John O’Driscoll, a general manager at the London branch.
Those affected by the decision were its treasurer, Keith
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