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Foreign Exchange

In the bleak mid-winter

Another week, another wave of redundancies

 Word reaches me that Deutsche’s FX operation will emerge relatively unscathed when 900 jobs are cut in its global market’s division. The same is true at Citi – but with 52,000 jobs going, it’s inevitable that there will be fall out in its FX business, regardless of the fact that it has apparently had a record year. And with cuts scheduled at Morgan Stanley and Bank of America/Merrill Lynch, it really does feel that we are now deep in the bleak mid-winter.

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Bollox to this! I’m off to sunnier climes

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