| While the world has been writing epitaphs for Wall Street banks’ commodity trading desks, Wall Street has been counting its profits. Banks that held firm amid an industry pullback from energy, metals and agricultural markets – and even some that beat a partial retreat – mined a rich seam as North America’s coldest winter in three decades drove up energy prices, results show.
Citigroup, Goldman Sachs, Morgan Stanley and Macquarie flagged commodities trading as a bright spot in first-quarter earnings. Coalition, a consultancy which tracks banks’ performance, estimates revenues for the top 10 banks in commodities rose 20 per cent year on year in the three months to March...............................................Full Article: Source
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