JP Morgan And Salomon Expand FX In Asia As Kidder, Peabody Makes Singapore Debut
NON-BANKS
U.S. investment bank JP Morgan is planning a major expansion of foreign exchange operations in Singapore with the recruitment by the end of this year of another 50 traders, according to JP Morgan chairman and chief executive Dennis Weatherstone.
A year ago Morgan closed the forex trading operation of its Morgan Guaranty Trust Co. unit in Hong Kong and relocated it to Singapore (FX Week, Feb. 22, 1993). In January Morgan shifted some Aussie dollar and New Zealand dollar market-making to Singapore
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