Deutsche Bank Said to Consider Uranium Trading Unit SaleNicholas Comfort
Deutsche Bank AG, Europe’s largest investment bank by revenue, is considering a sale of its uranium-trading business as it shrinks in commodities, according to a person briefed on the matter.
The company will either sell the department or close it down, said the person, who asked not to be identified because the matter isn’t public.
Deutsche Bank is exiting energy, agriculture, dry bulk and base metals trading as regulations tighten, the Frankfurt-based company said earlier this month. About 200 people will lose their jobs or get moved elsewhere should all those businesses be sold, a person familiar with the plans said at the time.
A spokesman for Deutsche Bank, speaking by telephone from London, declined to say whether the uranium unit might be offered for sale.
Deutsche Bank is holding preliminary talks with possible buyers and the formal sale process will start in the first quarter, Reuters reported earlier citing people familiar with the matter. The unit has about $200 million in yellowcake stockpiles, it said.
Goldman Sachs Group Inc. is seeking a buyer for its uranium-trading business after prices for the radioactive metal fell and regulatory scrutiny of banks’ commodity activities increased, a person briefed on the matter said last month.