LONDON - Westpac Banking Corp. said that it was withdrawing immediately from the Eurobond market, ceasing all origination, syndication, and market-making activities.

Up to 20 jobs will be eliminated, the Australian bank said in a press release last week. "The business has been unable consistently to achieve the levels of return required to sustain the capital invested," it said.

Westpac said it remained committed to its remaining debt-related activities in London, namely Australian and New Zealand domestic bonds, bond options, and Eurocommercial paper, as well as foreign exchange, short-term interest rate products, and financial and commodity derivatives.

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