Manny Hanny Cuts Four Traders In New York Five In London, FX Consolidation Continues

BANKS

Heads have been rolling at Manufacturers Hanover Trust Co. (Manny Hanny) in the last few weeks according to sources at the bank. They report that four foreign exchange traders were laid off last week in New York and five traders were dismissed in London the week before.

The pre-Christmas layoffs reflect continued consolidation within the foreign exchange industry and further cost cutting at the bank, one of the largest money center banks in the U.S. Although Manny Hanny reported that foreign