Citigroup Inc has bought Deutsche Bank AG's energy and metals book, a source familiar with the matter said, in the latest sign of expansion from the U.S. firm in commodities trading as rivals retrench. Citi won Deutsche's oil, metals and power books this summer and autumn, the source said, after a bidding round that saw several Wall Street firms and trading houses chasing the opportunity to take on the positions of a once top-five commodities bank.The deal will help Citi close the gap with top banking rivals in commodities trading, even as some exit the sector under increased regulatory scrutiny and lower margins.Deutsche Bank, which once competed with Barclays and JPMorgan Chase & Co to challenge the long-running energy and metal franchises of Goldman Sachs and Morgan Stanley , announced it was largely exiting the sector late last year.The source declined to reveal the size of the deal or the number of active trading positions it involves. Deutsche Bank has previously said it was not looking to transfer staff as part of the sale of its trading book.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C traded higher by 0.92% or $0.46/share to $50.53. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 17116900 shares of C exchange hands on a given day and today's volume is recorded at 13796840.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.77% or $0.43/share to $56.63. In the past year, the shares have traded as low as $51.30 and as high as $61.85. On average, 13813800 shares of JPM exchange hands on a given day and today's volume is recorded at 10808475.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.3% or $0.1/share to $33.32. In the past year, the shares have traded as low as $28.31 and as high as $36.44. On average, 9510560 shares of MS exchange hands on a given day and today's volume is recorded at 11047493.
Source
