Barclays is halting agricultural trading with hedge funds in
a move to burnish its reputation amid a major overhaul, but will still market
index-linked investment products in the sector.
The British bank is among several financial institutions to have come
under fire for speculating on grain and other agriculture products, which
critics say has pushed up food prices and fuelled unrest in some poor
countries.
CEO Antony Jenkins told a news conference on Tuesday the
bank was exiting speculative trading in softs and agriculture due to
"reputational reasons", but was sticking with the overall commodities
sector. A source close to the situation
later clarified that the bank was only stopping softs and agricultural trading
with hedge funds….
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