LONDON May 20 Barclays' head of spot gold
trading is leaving as part of the bank's restructuring and its
exit from the commodity business, sources familiar with the
situation told Reuters on Tuesday.
Marc Booker's exit leaves Martyn Whitehead, Barclays' global
head of metals and mining sales, as the bank's only
representative listed with the London Gold Market Fixing
company. Barclays is one of the four banks that contributes to
the twice-a-day price setting process for the globally
But there has also been speculation about Whitehead's future
at the bank.
"I have a job for the year. I have been working for Barclays
for 13 years, and I will continue to do my job at Barclays," he
told Reuters when asked about the speculation.
Barclays said in April it was exiting most commodities
businesses but would continue in precious metals.
A spokeswoman for Barclays declined to comment on
the matter. Booker could not immediately be reached.
His exit follows the departure earlier in the year of
Jonathan Spall, product manager for metals at the bank, and that
of other commodity staff.
With regulatory scrutiny showing no signs of abating and
cost pressures still elevated, the commitment of banks to the
precious metals benchmarks is being questioned by the industry.
The other banks involved in the gold-setting process are
HSBC, Societe Generale and Bank of Nova
Scotia. A former fifth member of the fix, Deutsche Bank
, resigned on May 12 without a replacement.
Meanwhile, the 117-year old London silver price fix set by
Deutsche Bank, HSBC and Bank of Nova Scotia will cease on Aug.
14. The London Bullion Market Association has
launched consultation on a possible alternative.
(Editing by Veronica Brown and Jane Baird)