Goldman Sachs, once one of the most active banks in commodities trading, has cut...
LONDON - Goldman Sachs, once one of the most active banks in commodities trading, has cut 10 roles to further downsize its global commodities trading division amid rising costs and shrinking profits.
The commodities trading business was once one of Goldman’s largest and most active units and a significant driver of profits earned by the Wall Street bank until tighter regulation curbed the risks it could take on proprietary bets. Fixed income, currencies and commodities revenues across all major investment banks dropped to their lowest levels seen since the financial crisis in the final quarter of 2018, the Coalition data showed, with oil trading suffering significant declines across the year.
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