Mellon Shuffles London FX Desk, Emphasizes Proprietary Trading
BANKS
In response to rising expenses and prolonged periods of market stability, the London branch of Mellon Bank has reduced its foreign exchange trading staff by 10 since the beginning of the year and has plans to restaff its desk with professionals that can trade a variety of currencies, a source at the bank says.
"We want to develop a very fluid, flexible environment, where we polarize towards the currencies or markets where there are opportunities," says Keith Baker, treasurer of Mellon Bank London
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