Investment banks are beefing up trading teams in markets such as gas, metals and...
LONDON - Investment banks are beefing up trading teams in markets such as gas, metals and carbon permits that are flourishing as businesses and economies become greener, according to recruitment consultants.
“As we move toward a decarbonized economy these businesses realize they need to be involved in electricity,” said Jonathan Funnell at recruiters Proco Commodities. “Oil being so bad has brought this to the forefront.” But some believe the greening of industries and economies could eventually lead to a change in the hierarchy.
But revenues from oil, which typically accounted for a quarter to a third of the overall commodities income, slumped the most over the last few years.Behind the recent weakness was lack of demand for hedging and trading losses at several banks in the second half of last year, said Coalition research director Amrit Shahani. “Client activity was low and trading conditions were difficult.”
High volumes and volatility in gas futures on the U.S. NYMEX exchange also created opportunities for banks to make money, while European carbon permits, which come under banks’ power and gas desks, have tripled in price since the start of 2018.Industry sources said banks including Citi, JPMorgan and Bank of America have been building up their power and gas businesses in the United States, where Goldman Sachs has also expanded in power.
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