FX Week

Chase Swings Hatchet In Europe London Cuts Eight, Frankfurt Five

BANKS

In an attempt to reduce costs and fine-tune its European operation, Nigel Smith, a spokesman for Chase Manhattan Bank, N.A. says it reduced its interbank foreign exchange trading staff by eight in London, leaving the desk with just 10 interbank traders.

In addition, Chase also swung the hatchet in Frankfurt, cutting five foreign exchange traders from its desk there.

According to several sources at Chase, the bank has been conducting a review of its entire European operation over the last three