Metal Trader Hiring Frenzy Sends Bonuses Soaring [Yahoo! Finance]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Yahoo! Finance
Most Read from Bloomberg The rush for metals traders has pushed compensation levels higher across the industry, according to several trading house CEOs, while one expressed shock at junior traders on his staff being offered guaranteed bonuses of many hundreds of thousands of dollars. Metals trading has long been a poor cousin of energy, as smaller markets offered fewer opportunities for profit, and the dominance of Glencore Plc and Trafigura Group scared off many would-be competitors. Now, some of the biggest oil and gas traders are looking to funnel part of the mega profits from the last few years into metals businesses, amid forecasts for rapid demand growth due to the energy transition. “We've never really seen this before — even in oil,” said Daniel Cordell, a managing director at commodity headhunter HC Group. “All of a sudden you've got these monster trading houses going out there and hiring metals teams all at the same time.” Mercuria Energy Group Ltd. has hired around
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