Deutsche Bank AG, Europe’s biggest lender by assets, is dismissing power and gas traders in the U.S. as commodities chief David Silbert prepares to leave, said a person briefed on the matter.
The firings affect fewer than half the U.S. power and gas traders working for the Frankfurt-based bank, and are part of the 1,900 job cuts announced by Chief Executive Officer Anshu Jain in July, according to the person, who asked for anonymity because the moves haven’t been publicly announced.
Deutsche Bank doesn’t plan to exit or reduce services in its commodities business, and traders in segments such as metals, mining, coal, iron and steel aren’t affected, the person said.
Silbert’s departure was previously reported by the trade publication SparkSpread. He didn’t immediately respond to inquiries about his job status. Renee Calabro, a spokeswoman for the bank in New York, said the company declined to comment.
Deutsche Bank’s move comes as two other banks scaled back commodities trading operations.
Zurich-based UBS AG, Switzerland’s biggest lender, planned to close its oil, base metals and agriculture trading desks as part of a move to cut about 10,000 jobs, a person with direct knowledge of the decision said Oct. 31.
London-based Barclays Plc on Nov. 22 withdrew from floor trading on the London Metal Exchange, the world’s biggest metals bourse, as the bank reviewed its businesses to cut costs. The bank continues to trade electronically and by telephone.