Prop desk decline in London

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LONDON -- Banks in London are cutting back proprietary FX trading desks by stealth -- largely by not replacing departing traders, or transferring them to other roles.

"There is more of a concentration on the less speculative side of the business towards client-facing roles," said one recruitment consultant in the City. This comes as banks become more risk averse in foreign exchange in favour of steadier income streams from increasing client business.

CSFB, Bank of America and Bank of Scotland