SocGen exits N. American physical gas, power; BNPP closing Houston office
Houston (Platts)–16Dec2011/519 pm EST/2219 GMT
French bank Societe Generale is exiting its North American physical gas and power trading business, a bank spokesman said Friday. Sources noted it had stopped all new business and began unwinding positions this week.
A source close to the matter said the physical gas and power desks employs about 150 people with the bulk located in Stamford, Connecticut.
The trading unit’s assets aside from its original book of business, was bought about 11 months ago by SocGen from RBS Sempra for an undisclosed amount. Separately, in October 2010 JP Morgan had