Bank of America Corp. may expand its metals and energy team by 25% in the next two to three years, as a rebound in commodities attracts billions of dollars of investments.
The bank has already hired people in China, Singapore, India and Japan, said David Goodman, co-head of global commodities. The commodities group is now about 600 people.
The company needs to add staff to profit from trading commodities, which rose 32% since March. Commodity assets under management in mutual funds, indexes and exchange-traded products rose about 19%, to $209 billion, in the second quarter, according to Barclays Plc, which plans to hire about 20 commodity traders in the next year.