Oil rescues world’s big banks’ commodities profits as gold income tumbles GlobeInvestor
This translation has been automatically generated and has not been verified for accuracy.The world’s 12 biggest investment banks cashed in on commodity price volatility caused by the coronavirus in the first quarter, with big increases in income from oil offsetting a tumble in precious metals, consultancy Coalition said.
The first quarter was marked by huge swings in commodities markets as the coronavirus spread across the globe, shutting industry, confining people to their homes and paralysing supply chains. Investment banks are often able to profit from volatility because it can make clients more active and they can bet on prices moving in a certain direction.
Precious metals revenues, however, plunged to less than $100 million from close to $250 million a year ago, he said.
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