Citigroup is ending its physical industrial metals trading operations, a decision confirmed during a London employment tribunal on April 30, 2026.

This withdrawal led to staff reductions within the commodities team after the bank issued redundancy warnings to approximately 11 employees earlier in the year. Official correspondence from January 2026 said that physical metals trading no longer represents a core activity for the firm.

Although the bank previously competed with major entities such as Goldman Sachs through physical deliveries, it now focuses on streamlining its business model.

Citigroup intends to maintain its presence in industrial metals financing and precious metals trading. Other commodities services and broader banking operations remain active as the company moves away from the risks associated with physical metal markets.