Standard Chartered to bulk up commodities business
Standard Chartered aims to double revenue from its commodities business in the next four years, tapping its substantial emerging markets client base to strengthen its hand and opening a new trading office in China. In a year that has seen European banks such as UBS and Natixis pull back from commodities, London-headquartered Standard Chartered has been taking advantage of its strong presence Asia and other fast-growing emerging markets to fill the gap.
Copyright Reuters, 2012
The bank has hired 30 people in its commodities business across sales and trading this year in Singapore, Hong Kong, London, New York, Shanghai and Johannesburg, including luring a string of physical traders from the likes of Glencore and Macquarie. It hopes to add another 10-20 staff to its current headcount of about 100 in the next six months and is looking to hire in Dubai, Shanghai and Johannesburg.
"We've hired in oil, coal, metals, ags. We will continue to hire in 2013," Arun Murthy, global head of commodities, financial markets, said in an interview. The bank set up its commodities trading in 2007 after hiring a group of oil traders led by Murthy from the now-defunct Lehman Brothers.