Relocation is the flavor of the new year at J.P. Morgan & Co. where 450 positions are being eliminated from its New York City office. Foreign exchange back-office clerks and systems operators will be transferred to London. Back-office support of the international banking facilities and domestic custody businesses have less far to go. They will be moving to the bank's corporate campus in Delaware.

Geoffrey Dennis, international economist and strategist at James Capel & Co. in New York, and John

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