City Of London
Banks Bolster Metals-Trading Desks After Wild Year for Markets
- Bank of America and Morgan Stanley have hired new traders
- Fed tightening and Ukraine war have helped to whipsaw metals
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Top banks are reinforcing their metals divisions to cash in on the volatility that’s lifted trading profits over the past three years.
Russia’s invasion of Ukraine and the Federal Reserve’s aggressive rate hikes have extended the wild swings in metals markets. Copper, gold and aluminum have all surged to records, before plummeting in the face of tighter monetary policy.