Bank Of Boston Closes 13-Year-Old New York Foreign Exchange Unit
BANKS
In an effort to reduce non-interest expenses, the First National Bank of Boston shut down its 13-year-old foreign exchange trading operation in New York. Bank of Boston's decision comes just nine months after the bank decided to consolidate back office operations at its Boston headquarters (FX Week, November 30). However, the bank will keep its office in New York for its international private banking activities.
Although sources at the bank denied it at the time, many market participants believed
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