January 13, 2009
Merrill confirms redundancies on European agriculture desk
Merrill Lynch confirmed Monday (January 12) it made all three staff that ran its European agricultural proprietary trading business redundant last week.
The responsibilities of the desk "will now be rolled into the commodities index desk," said a company spokesperson.
The changes were the result of a broader cost cutting exercise, the spokesperson added.
A source close to the matter said the agricultural proprietary trading desk had been winding down its positions in the futures and options markets across commodities including sugar, corn, wheat and oilseeds recently.
