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.
Reuters reports that the sources said Deutsche sold two power trading books to Citi last week covering the ERCOT region in Texas and the East and Midcontinent.
Citi has been building its commodities trading operations, which focus on power and natural gas, after scaling back its exposure to energy, metals and agricultural markets following a government bailout during the world economic crisis in the late 2000s.
Citi's revenue from commodities transactions nearly doubled in the first quarter of 2014 year-over-year.
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Citi buys Deutsche Bank's U.S. power trading books
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