Morning Coffee Apr 07 2011

Citigroup to Hire for Commodities Team

By julie steinberg

Citigroup is planning to hire for its commodity investment product team as investors clamor for commodities. Copper, gold and cotton have all reached sky-high prices.

The bank will hire 10 more people for the 30-person group, Iain Armitage, the London-based head of the team, told Bloomberg. The bank will also set up a commodity-trading unit in China, a country that's currently demonstrating a fierce appetite for raw materials. "Many investors have gone from thinking of commodities as an optional asset class to start thinking about it being a necessary part of their portfolios," Armitage said. "They are looking at ways to increase allocation."

The increased demand translates to more hiring for commodities traders and salespeople.

To help with the effort, the bank hired Martin Lovegrove, an advisor to BP, as chairman of the global energy business. He will start in July. Edward Morse joins from Credit Suisse as global head of commodities research; he will start in May.

Citigroup isn't the only bank cashing in on the action in China: both Morgan Stanley and SocGen have offices devoted to commodities in the country. (Bloomberg)

Plateau at the Top (FINS)

Banks need to encourage women to come back to work after they have their second child, Sallie Krawcheck said at a recent conference. It's the only way to make sure there are more women on top.

And the Winner is (GFMag)

When it comes to being the best investment bank in the world, Morgan Stanley can shout it from the rooftops. GFMag designated the firm as the best i-bank, best equity bank and best M&A bank in 2011.

More Layoffs (The Morning Call)

Wells Fargo will ax 193 jobs in Pennsylvania in its auto loan collection center. Customers are paying off their debts and their loans on time, which mitigates the need for auto loan collectors.

National Disaster (Washington Post)

If Congress can't decide on a budget fix by Friday, over 800,000 government employees may be forced to stop working. Too bad this couldn't have happened when it was freezing out.

Mystery Woman (Forbes)

Lynn Tilton, the head of private equity firm Patriarch Partners, is seemingly ubiquitous, but no one seems to know -- or want to talk -- specifically about her.

Taking Care of Business (GoingConcern)

Let's say you've given notice. Before heading out of the building for garden leave, make sure you clean up your computer. Delete your search history and get rid of personal files. (Note: this is only legal if you're not dabbling in inside trading.)

Take Caution (Daily Mail)

Even if your boss makes 20 or 100 times what you do, do not post this information on Facebook. A Lloyds employee found this out the hard way when she was fired after complaining about her salary compared to the chief executive's on the social networking site.

Adopt Good Habits (LiveScience)

New research shows that the unemployed have an exponentially higher chance of dying early compared to their employed counterparts. If you're without a job, you can buck the trend by exercising and eating well.

List of the Day: Best States

What are the best states in which to make a living? A new list counts them up based on wages and other factors.

1. Illinois

2. Washington


(Source: AOL Jobs)

For more news you need to know throughout the day, follow FINSider on Twitter and Facebook.

Play the new finance career game from FINS!

Financial Dream Jobs - Sign Or Decline
You just got an offer for your dream job,
There have been a number of suicides among the company's staff.

  • Copyright ©2014 Dice Holdings, Inc. All rights reserved.
Log in 
FINS Login
*Indicates required field
User Name*
     Forgot Your Password?
Or log in using your Facebook account:
Connect with Facebook