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Barclays planning exit of some commodities markets: FT [April 21, 2014] (Reuters) — Barclays <BARC.L> is planning to withdraw from parts of the metals, agricultural and energy markets, echoing moves by other major players like JPMorgan Chase <JPM.N> and Morgan Stanley <MS.N> away from the commodities business, the Financial Times reported on Sunday. |
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The UK bank is expected to announce the changes
on Tuesday, which include heavy cuts to its global commodities
trading staff, the newspaper reported. The FT said Barclays is making the move because conditions in
the commodities markets have grown unfavorable recently.
Revenues have fallen and regulators have increased their
scrutiny of the space. Barclays declined to comment. Barclays Chief Executive Antony Jenkins has undertaken a third
review of the investment bank in as many years in response to
pressure to cut costs and improve returns, which lag other parts
of the business such as Barclaycard. Analysts are expecting cuts in areas like credit trading,
emerging markets, securitization, structured credit and equity
derivatives. The bank has already made some cuts in commodities,
and it is considering selling its index business. On Friday, Barclays announced a shakeup of its investment bank
management team, including a new head of markets and new
co-heads of banking. (Reporting by Emily Flitter in New York; editing by Leslie Adler) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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