Shockingly, This Big Bank is Hiring Commodities Traders
Citigroup just refuses to play along. While other big banks are cutting commodities jobs, Citi, likely looking to take advantage of a sprawling and rather inexpensive talent pool, is actively growing its team.
Facing stricter regulations and stagnant price volatility, banks like Goldman Sachs, Deutsche Bank, J.P. Morgan and Morgan Stanley have been cutting middling commodities staffers while offering top performers fewer opportunities to make great money. Job postings for the commodities sector were down 60% on eFinancialCareers in 2012.
But then there’s Citi. The U.S. bank, which has cut thousands of jobs under new Chief Executive Michael Corbat, has quietly built up its commodities team, with the likely hope that the environment improves after the regulatory dust settles. Citi’s commodities team has reportedly grown to as many as 250 people, putting the bank in the same company as once dominant rivals, according to Reuters. Does Citi know something other banks don’t? At this point, who cares? They’re hiring.
And they’re not the only one. BTG Pactual, which reportedly wants to start trading commodities in London and New York, is also adding staffers, sources told Reuters. So are hedge funds and trading houses which, unlike Citi, aren’t subject to tougher banking regulations and are permitted greater latitude in commodity derivatives trading.
So the hiring landscape in commodities trading isn’t looking nearly as grey as it did just a few months ago. It’s now the pay that has traders wishing they got into wealth management.
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Cohen Gets the Bird (Guest of Guest)
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Buzz Around the Office
When Classless Meets Priceless (The Independent)
Struggling rocker Pete Doherty is having a memorabilia sale. Included in the lineup of priceless collectables are cigarette butts smoked by model Kate Moss and deceased singer Amy Winehouse along with “Christmas paper that [former Coventry City goalkeeper] Steve Ogrizovic sent to the guy from Black Sabbath." Try to outbid me.
List of the Day: Starting Strong
Making a good early impression at a new job isn’t easy. Do this to get ahead.
- Listen 80%, talk 20%.
- Emulate key players.
- Clarify your boss’s expectations.
