(Corrects date in 7th item to 2012)
LONDON Dec 5 Deutsche Bank is
exiting the majority of its global commodity businesses due to
rising regulatory pressures, becoming the latest bank to sell or
scale back its operations in the once lucrative sector.
Deutsche is active in oil, refined products, metals, gas,
power, agriculture and carbon markets.
Here is a timeline of significant events in the German
bank's raw materials business:
May 4, 2005 - Mark Ritter joins Deutsche Bank from UBS as
managing director and global head of commodities within its
Global Markets division.
Oct. 25, 2006 - Deutsche Bank appoints David Silbert from
Merrill Lynch as global head of commodities. He went on to
expand the bank's U.S. gas and power trading desk as well as its
global energy business.
2007 - Silbert launches a five-year expansion plan in
commodities and energy.
June 29, 2010 - Deutsche Bank expands its
agricultural commodities trading in London to include wheat,
corn, soy, sugar and cotton.
Summer 2012 - Rival Morgan Stanley begins exploring a
possible sale or spin-off of its commodities trading arm,
including the largest physical oil desk on Wall Street.
Dec. 12, 2012 - Deutsche Bank says Co-Chief Executive
Juergen Fitschen and Chief Financial Officer Stefan Krause are
targets of an investigation by German state prosecutors into a
tax scam involving the trading of carbon permits.
Dec. 12, 2012 - Deutsche Bank makes steep cuts at its U.S.
and European power and gas trading desks, with the departures of
dozens of traders and its global head of commodities, Silbert.
Jan. 22, 2013 - Deutsche Bank agrees to pay a civil penalty
of $1.5 million to settle allegations by U.S. federal energy
regulators of power market manipulation in California.
July 26, 2013 - Rival JPMorgan Chase & Co announces
it is selling its physical commodities business.
Dec. 5, 2013 - Deutsche Bank says it will exit energy,
agriculture, base metals and dry bulk trading, retaining only
precious metals and a limited number of financial derivatives
(Reporting by Ron Bousso; editing by Jane Baird)