Barclays To Exit Some Commodities Markets

Posted by Joseph R. Fonseca
Sunday, April 20, 2014

 

Barclays is planning to withdraw from parts of the metals, agricultural and energy markets, echoing moves by other major players like JPMorgan Chase and Morgan Stanley away from the commodities business, the Financial Times reported on Sunday.

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)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Mingde Heavy is Bankrupt

Nantong’s Tongzhou District People’s Court has put an end to the restructuring appeal by debt-ridden Nantong Mingde Heavy Industry, and officially declared it bankrupt.

Nantong Tongbao Bags Order for 8 Chemical Tankers

Nantong Tongbao Shipbuilding has signed shipbuilding agreements with joint buyers, Shanghai Dingheng Shipping and Xiamen Xiangyu Group, for the construction of

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Energy

First LNG Shipment from Donggi Senoro in Indonesia

Indonesia’s $2.8 billion Donggi-Senoro LNG project has shipped its first cargo of the chilled gas on August 2, Mitsubishi Corp, which holds about 45 percent of the project, stated.

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

News

First LNG Shipment from Donggi Senoro in Indonesia

Indonesia’s $2.8 billion Donggi-Senoro LNG project has shipped its first cargo of the chilled gas on August 2, Mitsubishi Corp, which holds about 45 percent of the project, stated.

Mingde Heavy is Bankrupt

Nantong’s Tongzhou District People’s Court has put an end to the restructuring appeal by debt-ridden Nantong Mingde Heavy Industry, and officially declared it bankrupt.

Fire on Subsea Viking

An exclusion zone was set up around Hatston Pier earlier as the offshore support vessel Subsea Viking which was tied up alongside at the time caught fire at Hatson

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1920 sec (5 req/sec)