Postipankki Closes New York, London FX Units In Centralization

BANKS

HELSINKI--Postipankki, the Finnish stated-owned commercial bank, is closing its New York and London foreign exchange trading divisions and centralizing operations in Helsinki. The move, which is part of an effort to reduce costs and improve efficiencies at the bank, will involve letting go its trading staff in both centres, leaving only a skeletal sales staff to continue servicing local clients.

"The reorganization of the branch operations is necessary because profitability has not been suffi