LONDON, Nov 27 (Reuters) - Deutsche Bank is closing down its physical precious metals trading business, the bank said on Thursday, as it moves to further scale back its exposure to commodities.
The closure of the business will result in the loss of fewer than than five positions in London, a spokesman for Deutsche Bank said.
“Certain parts of the physical precious metals trading operations may be re-housed within other divisions of Deutsche Bank and we will address this over the coming months,” the bank said in a statement.
The decision to close down its physical precious metals business comes after the bank shut its other physical commodities business, covering energy, base metals and dry bulk in December 2013.
The bank will retain some precious metals capability though its financial derivatives business, it said. (Reporting by Jan Harvey; editing by Keith Weir)