Reuters - Barclays said to close energy unit leaving jobs at risk

Trading Desk

Barclays will close the energy business within its 'Macro' trading division, the bank said in an internal memo on Thursday obtained by Reuters, in a move that will affect dozens of jobs.

The news agency reports that the bank said it would have required "significant incremental investment" to maintain and grow the business, and that the resources would be better deployed growing other trading businesses.

The energy business is responsible for the sale and trading of energy-related products, largely derivatives such as oil futures contracts, and sits within the 'Macro' division that also trades foreign exchange and interest rate products.

"This is the right decision for Macro and the broader firm as we invest for the long term to best serve our clients," Joe Corcoran, head of markets at Barclays, said in the memo.

To access the complete Reuters article hit the link below:

Exclusive - Barclays to close down energy business within Macro trading division: memo

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