FX Week

NationsBank Cuts 20 In London As Part Of Continued Downsizing

BANKS

NationsBank has again substantially reduced the size of its FX staff in London, as part of a general reduction in overseas trading staff. Bank officials say some 20 traders and salespeople were let go, leaving a staff of about 20 in place. They say NationsBank is "continuing to consolidate functions into its Chicago office".

The move follows a similar downsizing of the Singapore FX operation last month, when some 15 traders were reduced to six, according to market sources. Bank officials con