Banks and commodities: against the tide

It is the best of times and the worst of times for commodities sales and trading operations at the major banks. Ellen Leander explores how these firms are steering through decidedly choppy waters, and even building up their operations

“The commodities industry is going through a fundamental change, the likes of which we have not seen in a very long time,” says Sean Mulhearn, managing director and global sales head of commodities at Citibank in New York. He’s not kidding around. Judging by the headlines, members of the commodities industry should be cowering in a corner, licking their wounds and praying for mercy. But the reality is a bit different – many players are in fact building up their commodities businesses, including