Royal Bank Of Canada Closes N.Y. Trading Leaving Only Sales And Marketing In U.S.
BANKS
In a major change of strategy, the Royal Bank of Canada (RBC) is moving all its trading operations from New York to Toronto, leaving only sales and marketing staff behind. Last Tuesday morning, more than half of the 20 New York-based traders were dismissed, while the rest were asked to ponder transfers to Toronto. At least 12 of RBC's New York traders were in spot, forwards and FX options.
According to RBC officials, the New York trading centre will be phased out over the next few months
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