Standard Chartered Closes L.A. FX Trading;Maintains Sales Force To Service Clients

BANKS

Just a year after its final integration with California's First Interstate Bank, Standard Chartered Bank Plc has closed its foreign exchange trading operation in Los Angeles. The U.K.-based bank is consolidating its L.A. trading and transferring at least one manager to New York, but is keeping the sales force intact, to maintain the drive into exotics and Pacific Rim currencies started last year (FX Week, February 15).

Although there were only five FX dealers at Standard Chartered L.A., the

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