First National to cut London jobs

First National to cut London jobs

AROUND 180 jobs are to go at the London offices of First National Bank of Chicago as a result of a decision in the wake of the bank's merger with rival Bank One last year to pull out of the over-the-counter derivatives market.

The bank intends to concentrate on servicing large US corporates or Europeans with substantial US operations. The bank currently employs 500 staff. The bank is also cutting back in Hong Kong.