Danske Bank's London FX at risk

The Danish bank announced earlier this month that it will close its New York office in 2005 and lower its headcount around the world.

There was little surprise from leading market players. Gordon Wallace, managing director and co-head of global FX trading at Deutsche Bank in London, said: "It's a trend we've been seeing for some time and that's likely to continue. I think banks have either got to focus on one region or market or be committed across the board. With e-commerce becoming more