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Geneva Lures Big Oil Trading Companies From London, FT Reports

Geneva may overtake London as the world’s leading oil and energy trading hub as companies such as Trafigura Beheer BV and Vitol Group make plans to move traders and sales staff away from the British capital, the Financial Times reported, citing people familiar with the situation.

Trafigura is transferring about 80 of its 300 U.K.-based staff to Geneva, while Vitol plans to move about 25 of its 200 London-based employees to the Swiss city, the newspaper said.