Trafigura, a leading commodities trading company, has implemented a new policy extending the notice period for traders leaving the firm to a minimum of six months or up to one year. This move comes after a series of recent employee departures, according to sources familiar with the matter.
It is unclear when exactly these changes were put into effect, but sources indicate that they apply to both new and existing employees and vary based on seniority levels. The decision to lengthen the notice period could potentially deter traders from seeking employment at Trafigura, as noted by one of the sources.
Notably, energy traders from companies like Mercuria, Gunvor, and Vitol are reentering the metals trading market after a prolonged absence, seeking to capitalize on the growing demand for clean energy solutions and advancements in artificial intelligence technology. These traders have historically profited from fossil fuels like oil and gas, especially following geopolitical events such as Russia's invasion of Ukraine in February 2022.
Recent departures from Trafigura include Mehdi Wetterwald in Geneva, Michaela Dempsey in the United States, and Leonard D'Offay in Dubai, who have all joined Mercuria. They are now working alongside former Trafigura trader Kostas Bintas at the company.
In June, Trafigura reportedly sent a letter to current and former employees outlining potential share clawbacks for violations of confidentiality and the company's code of conduct. Share clawbacks are a common practice in the financial industry, allowing firms to reclaim previously distributed funds in cases of misconduct or underperformance.
Overall, these developments within the commodities trading sector reflect a shifting landscape as companies adapt to changing market dynamics and regulatory environments. Traders and employees in the industry may need to reconsider their strategies and employment decisions in light of these new policies and trends.
