BNP Paribas to Shutter U.S. Commodities Trading Desk
- Some employees are said to be offered jobs on other desks
- Bank will still have commodities desks in London, Singapore
Photographer: Jason Alden/Bloomberg
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BNP Paribas SA is shuttering its U.S. commodities derivatives desk, according to people familiar with the matter, the second trading unit to be wound down within days as France’s largest bank seeks to protect profitability.
The closing of the business, which had 16 people and traded energy, metals and some agricultural products, dovetails with an earlier decision by BNP to stop financing shale and oil sands projects. But the timing -- days after Bloomberg reported the bank is said to be closing its proprietary trading arm Opera Trading Capital -- suggests broader adjustments at the investment bank, analysts said.