Cost cutting, streamlining, and tougher U.S. regulations reduced the number of U.S. offices of foreign banks to 915 at midyear 1994, from 966 a year earlier, according to American Banker's latest annual survey.

The sharp decline, down from a high of 1,080 offices five years ago, affected almost every category of offices - including agencies, branches, representative offices, and commercial banking subsidiaries.

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