Macquarie looks to take on commodities crown

Macquarie, the bank better known for infrastructure investing like highways and airports, is emerging as the largest bank in commodities, ousting Goldman Sachs from a position the Wall Street bank enjoyed for almost three decades.

The shift comes as Goldman Sachs suffers its worst performance in commodities since its initial public offering in 1999 and highlights how banks from resource-rich nations such as Australia, Brazil and Canada are expanding in commodities at the expense of traditionally dominant U.S. and European banks.

Macquarie, which faces less regulation in the U.S. than its Wall Street rivals, has become dominant in natural resources and ranks second in natural gas trading in North America as other banks cut back. Its revenues from the commodities have grown fourfold in a decade, and in a presentation this month, the company highlighted “opportunities to grow commodities business, both organically and through acquisition.”

Hit the link below to access the complete Bloomberg News article:

Goldman's Trading Slump Hands Commodities Crown to Macquarie

Morgan Stanley and Citi Say They Will Run on 100 Percent Clean Energy

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News