2001 ends on bonus bad note despite bumper year in forex

FRONT PAGE NEWS

LONDON/NEW YORK/HONG KONG -- Global FX dealers are bracing themselves for a quiet Christmas and new year, as slashed bonus payouts, job cuts, salary freezes and abandoned Christmas parties take their toll on festive spirit in 2001.

Although the year has been a good one in foreign exchange -- with most banks earning much improved revenues on a bumper 2000, and forex desks outperforming other areas in investment banking houses -- FX traders will still see their total packages reduced.

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