Lloyds Bank Downsizes Forex In New York By Scaling Back Interbank Dealing

BANKS

Lloyds Bank is downsizing its foreign exchange trading operation in North America, "limiting" its participation in the New York interbank market, confirms Alan Ward, head of FX, options and sales at the head office in London. The reorganisation includes a staff reduction, which Ward declines to put a number on.

Prior to last week's announcement, Lloyds had 21 forex professionals in New York. Sources say as many as eight-to-10 traders may have been let go and that the bank has essentially

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