Citigroup expands gas and power business

Citi Building Canary Wharf

Citigroup is increasing its gas and power business in Europe as competitors from Bank of America to Deutsche Bank withdraw amid tighter regulation and staff cuts at utilities.

Bloomberg reports that the bank expanded its trading team in Europe last year while other firms cut headcount, Stuart Staley, global head of commodities, said in a phone interview from London.

His group now employs 10 people in power and gas trading and sales in the region. Citigroup will boost its commodity sales staff by 15% from the 80 people it has now, Jose Cogolludo, head of sales in New York, said last month.

'We continue to see opportunities in the European utilities sector, as the risks that the participants need to manage are only increasing' even as they reduce operations because of financial pressures, Staley said.

To access the complete Bloomberg article hit the link below:

Citigroup Expands in Europe Energy Markets

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