Monday, August 17, 2009

Commodity Traders’ $1 Million Bonus as Oil Doubles

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aafaX5C3qFmA
Aug. 17 (Bloomberg) -- Wall Street firms are again recruiting commodities traders with promises of $1 million bonuses as prices of raw materials from oil to copper double.

Less than a year after oil tumbled a record 54 percent and the Reuters/Jefferies CRB Index was suffering its biggest drop ever, Bank of America Corp. plans to boost commodity headcount by 25 percent. London-based Barclays Plc will increase staff about 6 percent. Morgan Stanley is recruiting traders in shipping. The banks declined to comment on compensation.