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Banks cut commodity staff to four-year low

Tighter regulations and the second drop in prices since 2001 spur cutbacks

[SINGAPORE] The biggest banks are employing the fewest commodity traders, salespeople and analysts in at least four years as tighter regulations and the second drop in prices since 2001 spur cutbacks.

Total headcount in commodity units at the 10 largest banks, from Goldman Sachs Group Inc to Barclays plc, stood at 2,290 at the end of September, about 4 per cent less than at the end of last year, according to data starting in 2009 from Coalition, the London-based analytics company. Pay for those workers may drop 13 per cent on average this year, a fourth straight decline, said Options Group, a recruitment company.

Investors pulled a record US$34.1 billion from commodity funds since December and...

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