Midland Bank To Close FX Desk In Australia, 40 Jobs Eliminated

BANKS

Midland Bank announced last week that it plans to close its Australian foreign exchange trading operation, which will result "in a loss of about 40 jobs," says Kyle Frazier, a bank spokesman. However, its merchant bank and interest rate management group will remain operational.

The wholly owned subsidiary, Midland Montagu Australia Ltd., had a foreign exchange trading and sales staff of 18 professionals, which included eight interbank spot traders, two forward traders, four currency options t