Trader Karim Kanji Leaves Barclays

By IVCPOST Staff Reporter

Jul 05, 2013 07:43 AM EDT

Head of coal, dry-freight and iron-ore trader at Barclays Plc (BARC) Karim Kanji announced resignation from the bank. This decision came amid the financial industry shift from energy and commodity markets.

Kanji was on board for seven years before his resignation. He previously traded power for American Electric Power Co., Enron Corp and ConocoPhillips.

Kanji is the third trader to leave the London based bank this year. Trevor Sikorski, director for European energy-markets research, left February with Louis Redshaw, former head carbon, coal and iron ore trading following in April.

Barclays has opted to scale back European energy-trading business early 2011, with cutting bonuses and reducing risk as part of the scale back.

Bank of America Corp along with JPMorgan Chase & Co. (JPM) shut unit trading commodities due to the tighter regulations set in Europe and the U.S. after the global financial recession. Morgan Stanley (MS) is set to exit the power and natural-gas trading in Poland, Czech Republic and Bulgaria as part of the scale back involvement when it comes to commodities.

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