NEW YORK - Chase Manhattan Corp. is quitting the clearing and execution of worldwide exchange-traded futures, according to a spokeswoman for the bank.
The move does not affect the bank's centralized futures clearing operation for global custody customers, which Chase is retaining.
The spokeswoman said the decision follows a review of Chase's operations launched over a year ago to exit businesses with low margins.
Chase said the restructuring will not affect any other risk management activities. The bank said it will conduct an orderly transfer of business to other providers.
The bank will seek to relocate as many as possible of the 170 people working in futures clearing in the United States, Europe, and Asia, the spokeswoman said.