CIBC To Close Frankfurt FX Operation As Part Of Bankwide Cost Cutting
BANKS
Canadian Imperial Bank of Commerce will close its Frankfurt foreign exchange operation as part of its plans to cut five percent of its work force. The plan involves the closure of three European and three Australian offices, although bank officials say Frankfurt is the only branch with a treasury operation to be affected.
Once Frankfurt is closed, CIBC's Continental customers will be serviced through its regional headquarters in London, where most of its European FX business will be conducted
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