Bloomberg News reports that the 'refocused' business will emphasize electronic trading, Barclays said Tuesday in an e-mailed statement.
It will continue to trade precious metals and derivatives tied to the price of oil and U.S. gas, as well as commodity indexes, the statement showed. The London-based bank already cut raw-materials jobs in January as part of a reduction in fixed income, currencies and commodities, and shut power-trading desks in the U.S. and Europe in February.
Commodities revenue at the 10 largest banks fell 18% last year amid reduced volatility, Coalition, a London-based analytics company, said in February. At the same time, regulators are concerned that lenders might control prices if they both own and trade raw materials, or suffer losses that would endanger the financial system.
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