Bank of America shuts London commods trading desk
Thu Jan 24, 2008 1:00pm GMT
http://uk.reuters.com/article/busine...LB624820080124
LONDON (Reuters) - Bank of America Corp. (BAC.N: Quote, Profile, Research) has shut its commodities and energy trading operations in London, a company spokeswoman said on Thursday, as it trims operations due to difficult credit market conditions.
The second-largest U.S. bank announced last week it would eliminate 650 corporate and investment banking jobs and sell its prime brokerage unit.
"I can confirm that our (Europe, Middle East and Africa) Commodities team has been impacted by the changes we announced last week," said spokeswoman Elizabeth Wood.
"Our core commodities clients are U.S.-based corporate and commercial entities, so to create operational efficiencies and better serve them we are centralising our commodities platform in the U.S.," she added.
Wood declined to say how many jobs were affected by the shutdown of London's commodities trading desk, which took place on Wednesday.
The Charlotte, North Carolina-based firm in October withdrew from making markets in precious and base metals trading, but continued to have a metals service for its clients.
The bank started trading in metals in mid-2006.