Goldman Sachs Group Inc., whose three top executives began their careers at the firm in the commodity-trading unit, is poised to gain market share as pressure from regulators drives competitors to scale back.
Barclays Plc, the U.K.'s second-largest bank, said that it's exiting commodities businesses other than trading precious metals and derivatives tied to oil, U.S. gas, and commodity indexes. In January, the London-based bank cut jobs in the group that traded raw materials and in February shut power-trading desks in the U.S. and Europe.
JPMorgan Chase & Co. last month announced the $3.5 billion sale of its raw-materials trading unit to Mercuria Energy Group Ltd., and Morgan Stanley plans to sell its physical oil business to Russia's OAO Rosneft. Goldman Sachs, Morgan Stanley, Barclays, and JPMorgan were the biggest traders of commodity derivatives among banks, according to a Greenwich Associates survey last year.
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