Bank of America closes London commodities desk

Bank of America has closed its London-based energy and commodities trading desk as part of a global "realignment" strategy of its investment banking division that will see a total of 650 employees made redundant.

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

"I can confirm that our Europe, Middle East and Africa commodities team has been affected by the chang