Deutsche Bank closes iron ore swaps business

Deutsche Bank - External

Deutsche Bank has now closed its iron ore swaps business as part of an overall strategy to get out of physical commodities and maintain only a limited presence in commodity derivatives.

Reuters reports that according to industry sources, the bank laid off its iron ore swaps team after announcing last week that it would exit commodities due to toughening regulations and diminished profits.

'Iron ore is not one of the derivatives Deutsche are staying in,' an industry source said.

Deutsche said last week it will cut 200 jobs in energy, agriculture, base metals, coal and iron ore, retaining only precious metals and a limited number of financial derivatives traders.

To access the complete Reuters article hit the link below:

Deutsche Bank pulls plug on iron ore swaps trade

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