Chemical, Manufacturers Announce Merger Plan Higher FX Trading Revenues, But Fewer Traders?

BANKS

After months of talk that two U.S. money center banks would merge, Chemical Banking Corp. and Manufacturers Hanover Trust announced plans to do just that in a stock-for-stock transaction that is expected to be completed by the end of this year. The marriage will create the second largest bank in the U.S. and one of the largest foreign exchange trading operations in the world.

"I think it's a very positive move for both banks," says Kenneth Wilshire, treasury administrator at Chemical Bank in