Bank of Boston to Shut Currency Desk in N.Y.
BOSTON - Bank of Boston said its New York foreign exchange trading unit would be consolidated into the bank's existing Boston foreign exchange operation.
Craig Bentley, a managing director, said in a statement that the consolidation would not disrupt service to the bank's customers.
The bank said four of six staff members would be moved within the bank.
The consolidation, which takes effect immediately, is the latest in a series of belt-tightening moves.
Analysts say the consolidation of the foreign exchange unit will help keep company's cost reduction on track in the third quarter.