Lloyds Makes Cut-Backs In London FX While Hill Samuel Winds Down Treasury

BANKS

Lloyds Bank appears to be continuing its cut-back in foreign exchange trading, according to sources who say as many as eight FX traders have been let go in London. Meanwhile, the entire treasury operation at Hill Samuel is being wound down and should be completely closed by the end of August, sources say.

Lloyds Bank merged with the TSB Group late last year to form Lloyds TSB Group (FXW, October 16). Prior to that, TSB merged with its merchant banking subsidiary, Hill Samuel, early last year