With Middle Eastern unrest, inflationary pressures in China and a tsunami in Japan, commodities trading looks set to lead FICC revenues for 2011. That’s unsettling news for some investment banks that have struggled to compete in commodities.
Nomura announced in March that it was getting out of oil and gas trading, cutting four traders and reallocating two more within the organization. The Japanese investment bank is keeping its precious metals trading business but a spokesman says the cut in oil and gas trading was a result of not being able to compete fully in that sector.
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