Banks are pulling commodities traders out of retirement and doubling their salary guarantees as they fight for business in one of the few booming areas in Wall Street and the City of London. The hiring spree comes after the S&P GSCI, the most popular commodity index, surged this year by almost 29 per cent â its largest jump in five years â thanks to a leap in raw materials prices such as oil, wheat or gold. Options Group, the New York-based executive search firm, is predicting that 350 new commodity hires could be made in the first half of 2008, up 17 per cent from the same period in 2007. The recruiting battle comes as banks are growing their commodities business from traditional areas, such as oil, gas and metals derivatives, into agriculture, emissions, shipping, forestry and physical trading. So far this year, a record 550 commodity traders have been hired, with banks taking about 365 new traders. Some banks are offering traders incentive payments of up to 17 per cent of their own profit and loss to entice them or retain them onboard. http://www.ft.com/cms/s/0/2071e726-b185-11dc-9777-0000779fd2ac.html Any exceptional commodity traders around here on ET ?
you have to be kidding. thats not for some guy clicking at a screen trying to make a few ticks. Anyway, once the banks come in and start a hiring spree its probably top in under 18 months. just look at credit derivatives.
heh heh yeah of course, I agree. Just one of those things I'll file away for the future. Not worried about it for now...but when the time comes, I'll be ready.
well I can not say the phone is ringing off the hook but trust me there are thousands of "commodity traders" in NYC and Chicago not to mention the small markets and the mid-west. For the measly of few hundred of bank hires they will get 100 resumes for every position still. Yet I like to hear that the boogaboo of commodities is gaining some better reputation.
Headhunters refrain from asking further questions after my initial remuneration expectation is 7 digits and my bonus expectation 8 digits.... Sorry for them....
Deutsche Bank to Expand Commodities Staff Up to 25% Deutsche Bank AG, Germany's largest bank, plans to increase its commodities staff by 15 percent to 25 percent this year as record prices for oil, gold and soybeans increase the potential for profits. The bank has 150 to 250 people in its commodity unit now, David Silbert, Deutsche Bank's global head of commodities, said in a Jan. 15 interview in London. He wouldn't be more specific.