UPDATE 1-ICBC Standard Bank shrinks base metals trading business

September 21, 2016 4:14 PM

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LONDON, Sept 21 ICBC Standard Bank has reduced its base metals business to cut costs, sources close to the bank said on Wednesday, joining other financial institutions in decreasing exposure to the out-of-favour commodities sector.

Six employees have left ICBC in recent weeks, including Mark Thompson, head of base metals trading, and analyst Leon West gate, three sources said. The bank was not immediately available to comment.

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