The global head of Deutsche Bank's commodity unit, David Silbert, announced today the bank (Germany's largest bank by market share) will be expanding its commodity team by roughly 10% this year.
DB will be adding new assets of coal, European natural gas and shipping to its balance sheets.
DB has seen its revenue from commodities quadruple over past two years. The bank seems confident this trend can continue and that as global stimulus packages hit the market and the general global economic outlook improves, commodity demand will once again head north.
“With hope of an economic rebound, crude, base metals prices are going to be higher than now,” said Silbert.
Bloomberg does a pretty good job in this article of contrasting DB's strategy vs tha to Zurich-based UBS AG.
Tuesday, March 31, 2009
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