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Barclays completes phased withdrawal from metals with closure of commodities businesses

April 22, 2014 - 15:50 GMT Location: London

Barclays is shutting down the majority of its global commodities trading operations as it looks to divert capital towards more rewarding asset classes, the bank confirmed on Tuesday April 22.

The move is part of a strategic effort to reshape the bank in response to broad and intense scrutiny of banks' activities in sectors including interest rate, electricity and gold markets. "Barclays is exiting the majority of its global commodities business. The refocused business will provide a simplified financial flow platform for clients, with an emphasis on efficient electronic execution," the bank said. "This decision is in line with Barclays’ stated objective to actively evaluate and...

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