China's ICBC Standard Bank has let go three precious metals traders in New York and will move its Dubai business to London, concentrating its activities in Europe and Asia, four sources with knowledge of the matter said. "Three precious traders are leaving in New York and the fourth one has been offered a job in London. The focus is shifting to London and obviously Asia," one source said.
ICBC, the world's largest bank by assets, completed the acquisition of a 60 percent stake in Standard Bank's global markets arm, including its precious metals business, in 2015. "The continued evolution of the bank's precious metals capabilities will lead to some staff reorganisation," the bank told Reuters in an emailed statement. ICBC Standard Bank, which does not have a licence to trade in the United States, said "it has exclusively traded on the London balance sheet since 2012". ICBC Standard Bank will keep three precious metals traders in London and three in Singapore, one of the sources said.