Crisis-engulfed Noble Group is reportedly winding down its oil-trading in Asia. Formerly a heavy-hitter in Asia, the firm is struggling under massive losses and a huge debt burden.
The commodities firm's traders are defecting for rivals as Noble winds down its oil trading desks in London and Singapore, «Reuters» reported, citing sources.
Noble's fortunes are dwindling amid a massive cash burn and losses, which has led to criticism of its regulatory oversight, as finews.asia reported in August.
Revamp Struggle
The broker is reducing itself to its beginnings in hard commodities, but has struggled to restore investor confidence amid the crisis. It already sold its U.S. oil arm to Vitol last year, shortly before disclosing that it had bled $3 billion in losses for the first nine months of last year.
Among the key traders to depart? Crude trading head Chris McAleese as well as Dimitri Sinenko, a high-profile gas trader in the U.S., who left for Swiss-based Gunvor, according to the newswire. Two distillate traders joined Unipec, while a crude oil trader was poached by Trafigura.
