(Bloomberg) Add Societe Generale SA to the list of banks and financial institutions to take a big step back from commodities amid a slump in trading profits. The French bank said on Tuesday that it is planning to close its over-the-counter commodities business and its proprietary trading subsidiary as part of a global move to cut about 1,600 jobs after a slump in trading revenue. The bank will also reorganize and refocus activities within fixed income and prime services to make them more profitable.
SocGen Is Latest Bank to Shutter Its Commodities Business
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