Barclays will withdraw from most of its global commodities activities, joining JPMorgan Chase to Morgan Stanley in pulling back as revenue drops.
Barclays, one of the world’s biggest commodities traders, is planning to exit large parts of its metals, agricultural and energy business in a move expected to be announced this week.
U.S. banks including Goldman Sachs should be banned from owning commodities businesses because they could threaten the institutions and global supply chains, Senators Sherrod Brown and Elizabeth Warren told the Federal Reserve.
Silver investors failed to show that JPMorgan conspired to drive down the metal's price, and an antitrust lawsuit accusing the bank of price-fixing should be dismissed, a federal appeals court ruled.
Barclays said on Tuesday that it has closed its power trading desks in London and New York, joining a string of global investment banks that are paring down their commodity market activities as increased regulations bite.
JPMorgan could fetch at least $2bn for its commodities unit after it received bids from Blackstone Group, Macquarie Group and Mercuria Energy Group, people with knowledge of the matter said.
Governments need to deter oil speculators, set aside reserves of crude oil and take steps urgently to reduce their dependence on fossil fuels in order to escape price volatility that undermines stable economic growth, according to a report co-authored by one of Britain's top scientists.
Barclays won an order by a federal judge putting on hold a $488m fine for allegedly gaming U.S. energy markets while the bank challenges a lawsuit by the Federal Energy Regulatory Commission.
George Soros is worried about China, and we should take note. The hedge fund boss, who built his fortune betting on the world's money markets, is concerned that 20 years of rapid growth is about to run out of steam.
BP has won permission to drill in the clear waters off Greenland, just three and a half years after abandoning similar plans to apply for a licence in the aftermath of the Deepwater Horizon blowout.
Sad to report the death of a colourful character.
It's already been a tough week for job losses, and here's another firm said axing staff.
London's financial sector was last night bracing itself for another official investigation into alleged price-fixing following reports that a US regulator is considering launching an inquiry into the City's gold and silver markets.