Former Barclays commodities chief leaves Mercuria after 2 years-report
NEW YORK, June 5
NEW YORK, June 5 (Reuters) - Roger Jones, the former head of commodities at UK bank Barclays, has left Mercuria two years after joining the Swiss trading house, an industry publication reported on Thursday.
Jones, one of the first senior commodity executives to jump from an investment bank to a trading house, had been head of non-oil operations at Mercuria. Further details of his departure, reported by SparkSpread.com, were not immediately available. The company did not immediately reply to an email seeking comment.
The departure comes at a transformational moment for Mercuria, which is in the midst of closing a $3.5 billion deal to buy the physical commodities trading business of JPMorgan Chase & Co.
Last month Mercuria appointed Magid Shenouda, co-head of commodities for Goldman Sachs until the end of last year, to run its global trading operations, allowing the firm's two co-founders, Marco Dunand and Daniel Jaeggi, to focus on running the firm and integrating the acquisition.
Shenouda's move to Mercuria was the latest in a wave of recent commodity departures from investment banks, whose trading desks are under pressure from thinning margins, rising capital requirements and growing regulatory and political scrutiny. (Reporting by Jonathan Leff; Editing by Steve Orlofsky)