Bank of America closes London commodities desk

The bank has not as yet revealed how many staff were employed at the London office. The commodities desk traded in base and precious metals along with crude oil products.

“I can confirm that our EMEA commodities team has been impacted by the changes we announced,” says Bank of America spokeswoman Elizabeth Wood. “Our core commodities clients are US-based corporate and commercial entities, so to create operational efficiencies and better serve them we are centralising our commodities platform