Societe Generale SA, France's second-largest bank, plans to expand its commodities team about 35% by the end of next year, seeking to double the business' size.
The Paris banking company is to add the people in trading and sales, including four for an agriculture team that will deal in grains, cocoa and sugar starting in the fourth quarter, Adrian Lismore, deputy head of commodities marketing, said in an interview. In addition to more than 100 traders and sales workers in commodities, the bank has 60 people involved in the carbon market, he said.
Bank of America Corp., Barclays PLC and Morgan Stanley also are expanding their commodity businesses as a doubling in copper prices and a 66% gain in crude oil this year bolsters revenue. Some banks are again offering $1 million bonuses to attract the best traders, according to the recruiting firms Commodity Talent LLC and Kennedy Associates.
