Abbey Exits IB, May Keep RMDS
ORGANIZATION AND MANAGEMENT
LONDON--Only nine months after setting up a brand-new trading floor for its wholesale banking and treasury traders, UK bank Abbey National Group is pulling out of investment banking to refocus on personal financial services following a first-ever loss of nearly £1 billion for 2002. But sources say much of the trading room IT may be retained to provide capital markets support to the new focus.
Last week, Abbey officials announced that the bank suffered a pre-tax loss of £984 million for 2002
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