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Barclays names commodities trading chief for the Americas
August 2, 2013 / 4:34 PM / 4 years ago

Barclays names commodities trading chief for the Americas

NEW YORK (Reuters) - Barclays Capital’s Robert Bogucki will take on the additional role of head of commodities trading for the Americas, a person familiar with the business said.

Raindrops are seen on the logo of a rental bicycle sponsored by Barclays in London July 30, 2013. REUTERS/Toby Melville

The title adds to a list of Bogucki’s job duties at Barclays Capital which also include global head of crude oil and refined products trading and head of power and gas trading, this source said.

The news of Bogucki’s new appointment was first reported in online trade publication

A bank official was not immediately available for comment.

Last year, Barclays (BARC.L) lost its commodities trading chief Roger Jones to Swiss trader Mercuria.

Traders have been exiting banks for commodity merchants as regulations on banks’ trading activities have tightened.

Banks’ commodities trading operations have been particularly under fire in recent weeks. Two weeks ago, the U.S. Federal Reserve said it would review its 2003 decision that allowed banks to trade in physical commodities. Following that announcement, JPMorgan Chase & Co (JPM.N) said it was putting its physical commodities business up for sale.

Federal energy regulators have also been clamping down on banks’ trading activities, levying fines for alleged power market manipulation. Barclays was among those banks fined by the U.S. Federal Energy Regulatory Commission (FERC).

The bank plans to contest the record $453 million (297 million pounds) civil fine imposed by FERC for allegations of manipulating the power markets of California and other western states over the last decade.

Reporting By Jeanine Prezioso; editing by Andrew Hay

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