Further to our report in Squawkbox on November 15 that Commerzbank is retrenching its global investment banking operations to Frankfurt, our sources say that the 12-strong FX team in London is still awaiting news about their future with the bank, and that they are no longer on the premises. It is believed that both New York and Singapore await further news as well.
According to these sources, the streamlining will see Frankfurt become a 24-hour centre, with FX trading operations returned to Frankfurt, although limited support staff may remain in New York and Singapore to service certain clients. It has yet to be determined if any staff will transfer to Frankfurt.
The bank declines to comment, pending an official announcement that is expected in the first week or two of December.