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Bank of America (BoA) has closed its base metals and bullion desk, effective immediately.
The bank took the decision as part of its strategic review made in light of losses made during the credit crunch, a source at the bank told FO5.
Tony Shaw, who headed the desk along with Mike Corby in London and New York counterparts – Russel Lynch and Mikel Vias have been made unemployed as a result of the closure.
BoA became category II members of London Metal Exchange in August 2006.
In analysing the costs and benefits of its prescriptive rules, the commission fails to identify shortcomings with the fully-functional and highly successful futures markets
CME Group’s chief executive Craig Donohue on hoe the CFTC has handles the Dodd-Frank reforms