BGN Entrepreneur

The American financial services company–Citigroup, is planning a hiring spree in commodities over three years in order to regain impetus after 2009’s sale of Phibro oil trading unit. This news boosts the number of traders and bankers by 40%.
The move to increase the bank’s front-office employees by 100 to about 335 comes as the competing banks, such as JPMorgan and Deutche Bank, are expanding heavily in commodities in a move that signals the profitability of dealing in raw materials.
According to the newly appointed global head of commodities at Citi–Stuart Staley, it is said that Citigroup was sticking to organic growth. But the sale of Phibro has freed up considerable capacity for the bank p to further expand.

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