BNZ Revamps New York Office Refocuses, Re-Enters FX Market

BANKS

Approximately one year after effectively closing its U.S. operations, the New York branch of the Bank of New Zealand re-entered the foreign exchange interbank market several weeks ago and is now planning to expand their new FX desk even further.

Although the bank has reduced its total New York staff from about 130 a year ago to its present level of about 30, Julian Nalepa, an executive vice president at the bank, says the foreign exchange and money market divisions will be adding a total of

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