Credit Suisse’s decision to exit the commodities-trading business will probably result in about half of the unit’s 80 workers globally being cut, people briefed on the matter said.
Oil prices above $200 a barrel. Energy shortages in western Europe. The return of recession to the still-fragile global economy. A slump in Russia. That's the fear haunting policymakers as they contemplate how to respond to the shooting down of MH17 over eastern Ukraine last week.
Morgan Stanley has bought Deutsche Bank's bulk commodities trading book dealing in coal, iron ore and freight forward contracts to expand in commodities derivatives, a source familiar with the matter said on Thursday.
Citigroup has bought Deutsche Bank's U.S. power trading books, the latest move by the bank to build its energy trading business as other Wall Street rivals retreat, two sources said on Tuesday.
Lamprell has suffered a big pay revolt at its annual general meeting – the third year in a row that shareholders have rebelled against pay deals at the oil rig builder.
Credit Suisse said it remains committed to commodities and sees 'strategic opportunities' as banks including Barclays and Deutsche Bank retreat from the field.
Barclays has been fined £26m and one of its former traders banned from working in the City for mistakes relating to the way that the gold price is fixed in London.
GlencoreXstrata, the world's largest commodities trader, enriched a friend of the Democratic Republic of the Congo's president by tens of millions of dollars while also giving him loans in excess of $500m (£298m), a report has claimed.
Barclays is planning to move its commodities division into a so-called bad bank of unwanted assets and units to be overseen by Eric Bommensath, according to a person familiar with the plan.