Constellation Energy Laying Off Traders

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Commodities traders might enjoy greater job security working for an energy company than a bank, but there's no guarantee. Constellation Energy Group told employees it's laying off more than 800 people, mostly from its commodities trading division.

A memo from Chief Executive Mayo A. Shattuck, quoted by Thursday's Baltimore Sun, states: "Unfortunately, our unique financial circumstances, and eroding global market conditions, require that we go further and reduce the overall size of our company."

The pending layoff amounts to 8 percent of Constellation's work force, the newspaper says. About half the job cuts will be in the Baltimore area.

Constellation agreed in September to be acquired by MidAmerican Energy Holdings, a subsidiary of Warren Buffett's Berkshire Hathaway Inc.

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