Soci?(C)t?(C) Generale will close its proprietary and over-the-counter (OTC) commodities business including its metals trading, as part of a global cost cutting exercise involving 1,600 job losses, the company said on April 9.
The French bank is a category I London Metal Exchange dealer and plans to continue this activity through its brokerage arm Newedge Group, informed sources confirmed to Fastmarkets.SocGen is the latest bank to step back from actively trading commodities following reports that Goldman Sachs is reducing its commodity...