Top firm cuts staff as part of wider retrenchment after takeover

Axe In Wood

More commodities woe.

Societe Generale's senior base metals trader and an energy trader, left the bank in New York on Thursday, as part of a wider retrenchment following the French bank's takeover of Newedge, two sources told Reuters.

The news agency reports that the departures come as SocGen reduces headcount and cuts costs after buying the remaining 50 percent of Newedge, one of the world's top commodities brokerages, from Credit Agricole in May.

The exit of two longstanding members of Newedge's commodities team were part of broader cuts to the newly merged financial futures desk in the United States and Europe, said two sources familiar with the situation, speaking on condition of anonymity.

Hit the link below to access the complete Reuters article:

Newedge metal, energy traders leave as SocGen cuts headcount

China's factory and investment growth flagging

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts