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JP Morgan Chase's FX division will not be affected by job cuts in the bank's wholesale banking operation.

A senior FX official at JPMC in New York told FX Week that the bank has continued to build its FX business and is pleased with the progress.

JP Morgan Chase said in its pre-earnings warning on September 17 that it intends to downsize, although the bank would not comment on UK press reports that up to 4,000 jobs were at risk. "It will be done strategically and thoughtfully in line with market

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