The world’s 12 biggest investment banks cashed in on commodity price volatility caused by the coronavirus in the first quarter, with big increases in income from oil offsetting a tumble in precious metals, consultancy Coalition said.
The banks’ net revenue from trading, selling derivatives and other activities in the commodities sector was around $1.5 billion over January-March, the financial industry analytics firm said.
That compares to around $1.2 billion in the same period in 2019, it said.
The first quarter was marked by huge swings in commodities markets as the coronavirus spread across the globe, shutting industry, confining people to their homes and paralysing supply chains.
