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Barclays cuts commodities trading

Barclays is planning to withdraw from parts of the metals, agricultural and energy markets, echoing moves by other major players like JPMorgan Chase and Morgan Stanley away from the commodities business. According to reports, Barclays is making the move because conditions in the commodities markets have grown unfavorable recently. Revenues have fallen and regulators have increased their scrutiny of the space. Barclays chief executive Antony Jenkins has undertaken a third review of the investment bank in as many years in response to pressure to cut costs and improve returns, which lag other parts of the business such as Barclaycard. The bank has already made some cuts in commodities, and it is considering selling its index business. Barclays had also announced a shakeup of its investment bank management team, including a new head of markets and new co-heads of banking.

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