Goldman Traders Reap $1 Billion in Commodities on Oil Tumult
- Oil-price collapse drives the desk’s best start in a decade
- Commodities trading unit faced uncertain future under new CEO
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Goldman Sachs Group Inc.’s commodities business, once the crown jewel of its trading operation, is rediscovering its old touch in turbulent markets.
The commodities unit generated more than $1 billion in revenue this year through May, pouncing on wild swings for its best start in a decade, according to people with knowledge of the matter. Much of the boost came from oil trading overseen by Anthony Dewell and Qin Xiao, who correctly positioned their desks for the collapse in prices, the people said, asking not to be identified discussing confidential information.