UBS Said to Plan Closing Oil, Base Metals, Agriculture Trading

UBS AG (UBSN) plans to close its oil, base metals and agriculture trading desks as Switzerland’s biggest lender shrinks its investment bank, according to a person with direct knowledge of the decision.

The bank plans to keep its index-investor products and precious-metals trading, said the person, who asked not to be identified because the details are private. UBS declined to comment.

Zurich-based UBS announced plans yesterday to cut about 10,000 jobs as Chief Executive Officer Sergio Ermotti scales back the investment unit to focus on wealth management.

SparkSpread, a publication that provides energy financing and trading news, reported the UBS commodities cuts yesterday.

To contact the reporters on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net; Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.