Bloomberg News

Barclays Energy Trader Karim Kanji Says He Left Last Week (1)

July 05, 2013

Karim Kanji, head of coal, dry-freight and iron-ore trading at Barclays Plc (BARC) in London, resigned from the bank last week amid a financial-industry shift away from energy and commodity markets.

Kanji, 36, left after seven years, including more than four years as a carbon trader, he said yesterday by e-mail. He previously traded power for ConocoPhillips, American Electric Power Co. and Enron Corp.

JPMorgan Chase & Co. (JPM:US) and Bank of America Corp. (BAC:US) have shut units trading commodities because of tighter regulation in Europe and the U.S. after the global recession. Morgan Stanley (MS:US) will exit power and natural-gas trading in Bulgaria, the Czech Republic and Poland as it scales back involvement in commodities, a person with knowledge of the matter said in June.

Barclays has scaled back its European energy-trading business since early 2011, cutting bonuses and reducing risk, people with knowledge of the matter said in August. Departures at the London-based bank this year include Louis Redshaw, the former head of carbon, coal and iron ore trading who left in April, and Trevor Sikorski, director of European energy-markets research, who stopped working at Barclays in February.

Deutsche Bank AG (DBK) fired 10 to 12 European power and natural gas traders in London as it cut staff trading physical commodities, two people with knowledge of the matter said in February.

To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net


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