From Reuters: Swiss bank UBS AG is set to announce the closure of its energy and soft commodity trading desks, trading sources said on Thursday. UBS Metals group, including precious and industrial metals, is not believed to be included in the job cuts. UBS is a major player in the gold market.
UBS declined comment. Among banks trading commodities, UBS ranks in a second tier group behind top players Goldman Sachs and Morgan Stanley. The company exited some continental European power and gas markets earlier this year but maintained power and gas operations elsewhere in northwest Europe, UK and North America. It also continued to trade in crude and refined products….. Full Article: Source