ROYAL Bank of Scotland plans to close down its precious metals trading operation, an industry source said, and the bank confirmed it was halting commodities research due to an internal review.
“We are conducting a review of our client offering with respect to commodities research, and as a result we will not be producing anything further at this time,” a spokeswoman said in an emailed statement in response to a query.
When asked about a possible withdrawal from precious metals trading, the spokeswoman added: “We are constantly reviewing our businesses but have nothing new to advise you on at this time.”
The spokeswoman gave no further details.
The move to halt gold and other precious metals trading was part of a wider review at the part-nationalised bank, which is 82 per cent-owned by the government, said the source, who declined to be identified.
RBS commodity analysts have been put on gardening leave, said the source, who noted that no commodity research has been published in about a month.
Commodity analysts include head of commodity research Nick Moore and commodity strategist Nikos Kavalis.
City A.M. Reporter