LONDON, Sept 21 ICBC Standard Bank has cut back
its base metals business and the global head of the operation
has departed, three sources close to the bank said on Wednesday.
Six employees have left in recent weeks, including Mark
Thompson, head of base metals trading, and analyst Leon
Westgate. The bank was not immediately available to comment.
ICBC Standard Bank was formed in February last year when
Industrial and Commercial Bank of China acquired a
60 percent stake in the global markets business of South
Africa's Standard Bank.
It specialises in commodities, fixed income, currencies and
equities. The move was understood to be part of an ongoing
cost-cutting programme, the sources said.
(Reporting by Eric Onstad and Clara Denina, Editing by Veronica