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Report: ICBC Standard Bank reduces base metals business

Industrial& Commercial Bank of China Standard Bank Plc reduced its basemetals business, "sources close to the bank" told Reuters.

Six employees departed as part of the scale-down, including headof base metals trading Mark Thompson, three sources said, adding that the moveswere part of a cost-cutting exercise. Thompson joined the bank in January fromTreliver Minerals, a privately owned miner of which he was CEO, the Sept. 21report noted.

The bank earlier in 2016 dismissed in NewYork and moved its Dubai business to London as it narrowed its focus to Europeand Asia, Reuters added.

ICBC Standard Bank is majority-owned by