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Commodities teams hit hard by staff cuts

Posted on 17 October 2011

Investment banks have begun cutting commodities teams in anticipation of sharp losses brought about by falling prices. Sources close to Barclays Capital, Standard Bank, UBS and Societe Generale have said commodities-related staff have been axed from each bank in recent weeks.
Pau Morilla-Giner, a partner at fund manager London & Capital, said: “Investment banks are posting pretty dismal numbers for their trading departments, so pressure to reduce costs must be on big time. I hear about heads of desks at banks forced to reduce costs by 30% by year end.”………………………………………Full Article: Source


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