More banks set to cut back?

- By FX Markets Staff
- @FXMarkets_
- 06 Dec 2004

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Commerzbank, Danske Bank and Deutsche Bank announced staff cuts and office closures in recent weeks and market sources expect more banks to do likewise.

"It's unsurprising -- it tends to be an exercise banks do when they haven't done as well as they would have liked," said one London-based recruitment consultant. "It has not been a very profitable year for a lot of banks so they are taking precautions -- it is just a matter of time before other banks follow suit."

The source added that London is

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