In a broad rethinking of its international strategy, Bank One Corp. said Monday that it would close proprietary trading operations in London and Hong Kong, to concentrate on serving middle-market and foreign companies operating in the United States.

The moves-which will result in 200 job cuts, or 20% of the bank's non- U.S. work force-bring the international operations of the new Bank One more in line with its predecessor's U.S. middle-market focus. The former Banc One Corp. merged with First Chicago NBD Corp. in October.

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