Swiss commodities giant Trafigura is increasing the length of time staff have to work out their notice after a string of departures.
Reuters cited multiple sources as saying contracts will have a minimum notice period of six months, while the maximum could be a year.
The date of the change is not known, but the report said the new rules apply to existing workers and new recruits, depending on their seniority in the group, which is also a charterer and shipowner.
One source claimed these longer periods could make Trafigura a less attractive destination for traders.
Energy traders including Mercuria, Gunvor and Vitol have been looking to muscle in on metals after being out of the market for years.
They are seeking to widen their reach and capitalise on the demand for the clean energy transition and higher use of artificial intelligence.
In recent months, switchers from Trafigura to Mercuria have included traders Mehdi Wetterwald in Geneva, Michaela Dempsey in the US and Leonard d’Offay in Dubai, LinkedIn pages reveal.
They joined ex-Trafigura trader Kostas Bintas at Mercuria.
Neither company replied to a request for comment.
Reuters also reported that Trafigura sent a letter to current and ex-staffers in which share clawbacks were suggested for any breach of confidentiality or of its code of conduct.
Two head traders at Trafigura’s iron ore team in China have recently left the commodity group, sources told Reuters.
Julian Ho was head of iron ore trading for Trafigura in China and Yang Naizhang was a senior trader who was also previously co-head of Trafigura’s iron ore team in the country.
The departures came after global prices of iron ore fell nearly 40% due to wavering demand from top importer China, which uses it to make steel.
