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Report: BNP Paribas closing commodities trading business in US

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Report: BNP Paribas closing commodities trading business in US

BNP Paribas SA is closing its U.S. commodities derivatives desk, Bloomberg News reported.

People familiar with the matter told Bloomberg that the desk had 16 staff, some of whom will be offered jobs overseas while others will assist with the unwinding of New York positions. The bank will still have commodities desks in the U.K. and Singapore, the report noted.

The move, which comes as the French lender aims to safeguard its profitability, is part of a broader strategy by Wall Street banks and other financial companies to scale back commodities, Bloomberg added.

The development came just days after Bloomberg reported that BNP Paribas was shutting down proprietary trading unit Opéra Trading Capital SA.