Wood & Company announces the closure of unprofitable Warsaw office

The board of brokerage house Wood & Company yesterday confirmed that the company is to close its Warsaw office. Announcing the decision, Wood & Company owner Richard Wood said in a statement, "We were hoping the Warsaw office ... would become financially independent. It turned out the Polish office was not profitable and we made the decision to close it." The news comes as a surprise, as in July vice president of Wood & Company Poland, Adam Kalkusinski, insisted that closing the office was not an option. Commenting on the closure, Adam Dakonowicz, individual customer services director for the company, promised that the shutdown would be gradual, and that clients would receive assistance in transferring to other offices. Wood & Company is not the first brokerage house to leave the Polish market. In recent months Robert Fleming Polska, Dom Inwestycyjny BWE, Caibon.com and Societe Generale have all closed their Polish operations. (Gazeta Wyborcza, p. 23; Puls Biznesu, p. 9) M.T.K.