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.
Cuts were accelerated as competition with trading houses and oil majors increased and as profits shrank. 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.Goldman launched a months-long review of the commodities division to evaluate its profitability and the use of capital.
Source: Digital Coin News (digitalcoinnews.net)
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