BNP Paribas to close U.S. commodities trading desk: source

A BNP Paribas logo is seen outside a bank office in Paris
FILE PHOTO: A BNP Paribas logo is seen outside a bank office in Paris, France, August 6, 2018. REUTERS/Regis Duvignau

January 15, 2019

PARIS (Reuters) – France’s largest listed bank BNP Paribas <BNPP.PA> is to close its New York commodities trading desk, offering its services from desks elsewhere, a source close to the matter said Tuesday, confirming an earlier Bloomberg report.

The bank has decided to close the desk in New York but will remain active on the market in London and Singapore, the source said.

BNP Paribas’s decision comes as the bank is downsizing some market activities. The bank had decided to close its proprietary trading desk in Paris last week.

BNP Paribas had already reduced the activity of the New York commodities desk over the past couple of years. It only employs a dozen people.

(Reporting by Inti Landauro; Editing by Leigh Thomas)

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