Trafigura to give £1bn in bonuses to top traders and executives
- Editor
- Dec 8, 2021
- 1 min read
Summary: In the wake of record profits driven by pandemic-induced market volatility, Trafigura announced over £1 billion in bonuses for its senior traders and executives. This windfall followed a doubling of net profits to $3.1 billion—the highest in its history—due to extreme swings in oil, gas, and metals markets. CEO Jeremy Weir credited the firm’s ability to manage chaos across supply chains and commodity prices, outperforming even rival firms like Vitol. However, the announcement came amid ongoing investigations by the US Department of Justice into alleged corruption and market manipulation. Trafigura CFO Christophe Salmon warned that such volatility, partly fueled by the green transition’s supply-demand mismatches, would likely persist. Despite legal scrutiny, Trafigura’s core trading divisions remained aggressively profitable.
Source: The Guardian
