Citigroup Inc. (NYSE:C) said they're increasing the greatest number of commodity jobs for the company in Europe and Asia, as the North America market is considered the most "mature."
Stuart Staley, global commodity head for Citigroup said, “It’s been a leaner year than the past two years across the sector. We’re adding disproportionately to Asia and Europe whereas the U.S. business is the most mature part.”
Growing demand for energy in Asia has caused Citigroup and a number of its competitors to focus on shoring up its commodity units in Asia especially, as the growing middle class now has the disposable income to acquire more energy, generating more demand for natural gas, oil and coal.
Staley said Citigroup has hired close to 30 people in the commodity unit this year, as investors focus more on physical refined products and crude oil. A growing number of investors want to participate in physical transactions instead of commodity futures, he said.
Revenue generated from commodity transactions for Citigroup will be lower than in previous years, Staley concluded.
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