Trafigura extends the notice period in traders’ contracts to a minimum of 6 months, sources say By Reuters

By Julian Luk and Pratima Desai

LONDON (Reuters) – Commodity trading firm Trafigura has extended the notice period for traders leaving the firm to at least six months or up to a year, three sources with knowledge of the matter said, following recent employee departures.

It is not known exactly when changes were made to extend the notice period, but sources said they apply to new and existing employees and depend on seniority levels.

A longer notice period could discourage traders from applying to work at Trafigura, one of the sources said.

Trafigura declined to comment.

Energy traders including Mercuria, Gunvor and Vitol are returning to metals trading after a multi-year absence, looking to diversify away from oil and take advantage of a bonanza expected to be created by demand for the clean energy transition and the wider use of artificial intelligence.

They made considerable profits from fossil fuels such as oil and gas, the prices of which exploded following Russia’s invasion of Ukraine in February 2022.

Leaving Trafigura and joining Mercuria in recent months are Mehdi Wetterwald in Geneva, Michaela Dempsey in the United States and Leonard D’Offay in Dubai, according to their LinkedIn profiles.

They join former Trafigura trader Kostas Bintas at Mercuria.

Wetterwald, Dempsey and D’Offay did not immediately respond to LinkedIn requests for comment.

Mercuria declined to comment.

Trafigura sent a letter to current and former employees in June proposing to recover actions for breaches of confidentiality and its code of conduct.

Clawbacks are typically used by financial firms that require money already paid to employees to be returned in the event of misconduct or poor performance.