Barclays Latest To Exit Commodity Trading, Layoff Several Thousand Staff
by Tyler Durden
ZeroHedge.com
04/20/2014
With JPMorgan and Deutsche Bank having exited the commodities business (and numerous other banks discussing it ahead of the Fed and regulators’ decisions over banking rules of ownership), it appears a few short months of regulatory scrutiny is enough to warrant more broad-based cuts across bulge-bracket banks historically most manipulated and profitable business units. As The FT reports, 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. This comes on the heels of Barclays shuttering its power-trading operations (after refusing to pay $470mm in fines) with CEO Jenkins expected to announce several thousand layoffs. This leaves Goldman (for now), Mercuria (ex-JPM), and Glencore to run the commodities world.
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