Reuters: Regulatory News: UPDATE 1-Goldman's senior metals trader Evans leaves bank -sources

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Goldman's senior metals trader Evans leaves bank -sources Apr 1st 2013, 22:50 Mon Apr 1, 2013 7:59pm EDT By Josephine Mason NEW YORK, April 1 (Reuters) - Goldman Sachs senior physical metals trader Scott Evans has left the U.S. investment bank in New York, becoming the second high-profile member of the physical base metals team to depart since mid-March, sources told Reuters on Friday. His exit comes almost three years after he was hired to set up the bank's physical base metals trading desk. The foray into physical trading was part of its efforts to offset tighter regulation after being forced it to close its proprietary metals derivatives operation. A spokesman for the bank declined to comment. Copper trader David Freeland quit the bank's London desk last month. The departure of a founding member of the desk is another sign that Wall Street's No. 1 bank for commodities is struggling to expand into the capital-intensive and high-risk business dominated by commodity merchants Glencore and Trafigura . Last year, commodity revenues at the bank, one of the world's largest traders of metal derivatives, sank by more than 60 percent year-on-year to just $575 million. Banks have also faced increased competition from new entrants, such as energy-focused merchants, including Vitol and Mercuria, that have swooped into the metals space spying better returns than in oil. Evans joined from Mitsubishi in the summer of 2010 just months after the bank bought warehousing company Metro for about half a billion dollars. Peter Goertzen in London, who also was hired from Mitsubishi in 2010, and Jeff Romanek in New York are the two remaining traders. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions