Shearson, Buoyed By Amex, Courts Institutional FX Business
NON-BANKS
American Express Co.'s decision to purchase all the remaining shares of Shearson Lehman Hutton Inc. has given its institutional foreign exchange department new hope.
"I think [the acquisition] gives some clients who were a little bit leery of dealing with Shearson, a lot more confidence in dealing with us [now]," says George Miragaya, a first vice president and head of institutional foreign exchange sales, which includes corporations, international fund managers and central banks.
Earlier this
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