Several Noble traders have left firm, say sources

HOUSTON/NEW YORK • Several traders have left Noble Group in recent weeks, according to sources familiar with the moves.

Mr Michael Paradise, a crude oil trader, left the company earlier this month, according to three sources. It was not immediately clear where he went. He joined Noble in 2014 after leaving Citigroup, where he was director of oil trading.

Mr Paradise's departure comes shortly after senior trader Matthew Tunney left the firm for rival merchant Glencore, the sources said.

Noble and Glencore did not respond to requests for comment.

Petrol trader Chris Hill and oil trader Zak Banks have also left the company, two sources familiar with the matter said. It was not clear where either of them went.

Noble has been consolidating its offices, moving some staff from its regional hub in Stamford, Connecticut, to Houston. Among those making this move were co-chief executive officer Jeff Frase, the sources added.

The moves come as publicly traded Noble has considered selling an equity stake to Sinochem. The firm's shares plunged in February following a report in which Iceberg Research reiterated its concerns about Noble's accounting practices.

Noble's stock has fallen to around $1.34 from $2.80 in February, and from a high of more than $17 in early 2011.

REUTERS

A version of this article appeared in the print edition of The Straits Times on May 10, 2017, with the headline 'Several Noble traders have left firm, say sources'. Print Edition | Subscribe