France`s largest listed bank BNP Paribas 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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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