Lord Wolfson’s default setting is caution.
Oil prices have reached their highest level in a year amid hopes in financial markets that the Opec cartel will make a deal to curb crude production stick.
Commodities-related revenue at the 12 biggest investment banks fell 22% in the first nine months due to weak industrial metals trading and lacklustre investor interest, a report by financial industry analytics firm Coalition said.
The world’s billionaires saw their wealth shrink by an average of £215m each last year, as economic headwinds made themselves felt.
Oil and share prices rose after Opec members struck a deal to limit crude output for the first time since 2008, in an attempt to ease a global glut that has more than halved crude prices in the past two years.
The spread of business and talent out of Wall Street and into merchant trading firms will probably accelerate after the Federal Reserve’s new bid to restrict bank commodity holdings, according to one employment specialist.
Goldman Sachs retained its crown as the bank with the largest commodities revenue in the first half, while lenders saw their worst income from natural resources in at least a decade.