First Chicago Faces Further Cuts In Strategy Overhaul At Bank One

- By FX Markets Staff
- @FXMarkets_
- 01 Mar 1999

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LONDON--First Chicago NBD's move last week to exit the European OTC derivatives market reflects a new strategy at the bank's headquarters in Chicago.

Following the merger with BancOne Corporation last year, the combined entity, Bank One Corporation, will now focus its efforts on the US market, according to a statement.

Once the restructuring is complete, around 200 positions, or 20 per cent of the bank's overseas workforce, will have been cut.

The restructuring will principally affect the global

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