Cuts at Credit Suisse

As of last week, the Swiss bank's London-based spot trading was deemed a transitionary operation, as the bank moves some of its traders to the 10-strong spot FX desk in Zurich. There are less than 10 people on the London desk; the bank declined to say who, or how many, would be relocated, or whether it would retain the services of those not asked to relocate.

"To maximise efficiency and streamline our FX trading business, we are combining our London and Zurich spot trading desks effective