March 7, 2019 / 11:40 AM / in 17 days

Goldman Sachs cuts 10 roles in its commodities trading - sources

LONDON, March 7 (Reuters) - Goldman Sachs, once one of the most active banks in commodities trading, has cut 10 roles in its global commodities trading division, two sources familiar with the matter said on Thursday.

The cuts were announced this week and followed an annual process where the bank makes headcount reductions in all divisions across all regions, one of the sources said.

The source said Goldman was not exiting any commodity businesses and they would remain a large and important part of the bank’s securities division.

The cuts represent yet another wave of downsizing of the division, which began earlier this decade because of stricter regulations on proprietary trading.

Goldman Sachs declined to comment. (Reporting by Dmitry Zhdannikov and Sinead Cruise Editing by Edmund Blair)

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