Banks move in and out of metals

by Metal Bulletin

BANK

INDIVIDUAL

BANKS ENTER BANKS EXIT

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Goldman Sachs acquires J Aron; Lloyd Blankfein joins the bank Phibro acquires Salomon Brothers Merrill Lynch becomes LME category II member Credit Lyonnais acquires Alexander Laing & Cruickshank, owners of LME member Rouse Marc Rich acquires Salomon Brothers metals trading book Isabelle Ealet joins Goldman Sachs commodities team Standard Bank becomes LME member; Jim Coupland joins Morgan Stanley merges with Dean Witter Dean Witter futures division acquired by Carr Futures, a wholly-owned subsidiary of Crdit Agricole Indosuez, itself part of French bank Caisse Nationale de Crdit Agricole Barclays becomes LME ring-dealing member Scotia Bank acquires LME ring dealer Mocatta and forms ScotiaMocatta Merrill Lynch scales back metals brokerage business after Hamanaka affair Magid Shenouda joins Goldman Sachs from Trafigura Natixis acquires LME ring dealer Sogemin Dresdner becomes LME member, hires John Browning to drive e-commerce business Standard Bank acquires assets of LME ring dealer Brandeis from Pechiney, further expands in metals NM Rothschild exits base metals trading Investec Bank becomes LME category II member, sets up base metals team BNP Paribas becomes LME category II member, sets up base metals team HSBC becomes LME category II member, sets up base metals team ScotiaMocatta exits base metals Credit Agricole acquires Credit Lyonnais, becomes Calyon NM Rothschild leaves gold fix Fortis Bank becomes LME member ABN Amro enters LME base metals trading UBS enters base metals trading HSBC exits base metals trading Bear Sterns becomes LME member Paul Plewman leaves Investec Bank, which then scales back LME base metals trading RBC Capital Markets becomes LME category II member Merrill Lynch beefs up LME business, hires former BNP Paribas team Bank of America enters base metals trading Investec Bank hires to beef up LME base metals trading Blythe Masters takes over as head of JP Morgan commodities Isabelle Ealet takes over as head of Goldman Sachs commodities Ray Key takes over as global head of Deutsche Bank metals trading ABN Amro acquired by RBS/Fortis/Santander consortium Bank of America exits base metals trading Investec exits LME base metals trading UBS exits base metals trading Bear Sterns acquired by JP Morgan Lehman Brothers collapses ScotiaMocatta hires for base metals team; sets up middle, back office Merrill Lynch acquired by Bank of America Fortis Bank acquired by BNP Paribas Dresdner acquired by Commerzbank, which then beefs up in commodities ScotiaMocatta closes base metals trading desk Investec Bank scales back LME base metals trading BNP Paribas closes Fortis metals brokerage business UBS enters base metals trading Morgan Stanley head of metals, sales & trading Marty Reinke leaves for Barclays JP Morgan buys RBS Sempra commodities for $1.7bn; RBS exits, JP Morgan beefs up base metals trading Scotia Bank becomes LME category II member Standard Chartered becomes LME category II member Isabelle Ealet moves to co-head Goldman Sachs securities division Natixis winds down its commodities brokerage business Credit Agricole exits commodities; retains stake in joint venture brokerage Newedge Barclays withdraws from the LME trading floor; becomes category II member UBS exits commodities except gold, index funds ABN Amro expands metals brokerage business Bank of China becomes LME category II member ANZ Bank becomes LME category IV member Citigroup hires Jose Cogolludo as global head of commodity sales Commerzbank becomes LME category II member Citigroup adds to base metals team Morgan Stanley set to exit some agricultural products and European power and gas businesses US Senate hearing on the role of banks in physical commodities Goldman Sachs, JP Morgan, Morgan Stanley reveal ongoing talks to sell their physical commodities businesses Morgan Stanley head of commodities marketing Boris Shrayer leaves Sberbank builds commodity finance business; plans to expand into hedging Commonwealth Bank of Australia beefs up base metals team; plans to expand commodities Goldman Sachs global head of commodities sales Peter OHagan to retire; commodities co-head Magid Shenouda to leave Standard Chartered pulls back from physical metals trading Credit Agricole agrees to hold talks to sell its Newedge stake to Socit Gnrale Deutsche Bank to exit most commodities, including base metals trading Wells Fargo to build base metals trading TD Securities to build base metals trading Citigroup reiterates plans to expand in commodities ABN Amro to expand in commodities VTB Capital reiterates plans to build commodities business, including physical

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