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Report: StanChart to shut down commodity trading office in Switzerland

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Report: StanChart to shut down commodity trading office in Switzerland

is shutteringits commodity trading and agribusiness, or CTA, office in Geneva, Switzerland, toreduce the U.K.-based bank's exposure to the oil, gas and agriculture sectors, BloombergNews reported March 31.

The lenderreportedly said in a statement that it will move the CTA function to London andwill continue being one of its core activities. Its 15 Geneva employees will beable to apply for roles in London or other roles within the bank could be foundfor them, according to the newswire.

StandardChartered, according to its latest annual report, reduced its net exposure to commoditiesby $15.4 billion to $39.6 billion over the course of 2015.