Fleet Reshapes Bank Of New England Tightens Limits, Providence Integration


When Fleet/Norstar Financial Group Inc. inherited Bank of New England's wounded foreign exchange trading operation, market observers were skeptical about its chances to successfully pick up the pieces. After all, Fleet had never been a player in the market and faced some of the worst conditions in recent memory. But within four months, officials there are doing just that. In its first major move, Fleet plans to shut down its Providence forex trading desk by year-end and move personnel there