Credit Suisse says committed to commodities as rivals follow its model
LONDON May 23 (Reuters) - Credit Suisse is "committed" to keeping its customer-focused, derivatives-based commodities business, which hews to a model that many of its rivals are now returning to, the bank's global head said on Thursday.
"We remain committed to commodities," Paul Hawkins, global head of commodities at Credit Suisse, told reporters.
"Many of the banks are now moving toward a model similar to the one that Credit Suisse has followed for a long time, with more emphasis on clients and with less dependence on proprietary and physical trading."
A host of big global banks have been paring back or closing down their commodity trading operations, particularly those focused on physical raw materials, amid thinning margins, higher capital requirements and intense regulatory scrutiny.
Morgan Stanley and JPMorgan Chase & Co have sold off large parts of their physical trading businesses, while Barclays PLC and Deutsche Bank AG DBKGn.DE-TK are quitting the commodity markets altogether. (Reporting by David Sheppard; editing by Andrew Hay)
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