Generale Bank Swings Hatchet In London Fires Six FX Dealers, Only Eight Remain
BANKS
Generale Bank in London, a branch of Belgium's largest bank, Societe Generale de Banque, fired six interbank dealers last week, reducing its foreign exchange department to eight traders.
A Generale executive says his bank is cutting out marginally profitable businesses where the returns aren't sufficient to warrant the capital required to support the activity. Along with cuts in FX staff were similar deep cuts in staff involved with futures trading. As part of the pruning, Generale Bank is
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