Dietikon, Friday, March 25, 2011
EGL is restructuring energy trading in Dietikon in order to adapt to changing market conditions in Central Europe. This will lead to the reduction of another nine staff positions. The other trading hubs in Europe are not affected by the reorganisation.
In December 2010, after the unsatisfactory financial result 2009/10, EGL announced cost reduction measures in addition to a more focused strategy implementation in order to continue to sustain profitability. Adjustments in energy trading in terms of size, structures and processes were announced. In particular, the trading hub in Dietikon is still generating costs that are too high in relation to margin potential. In order to increase efficiency, EGL is merging the two trading hubs in Dietikon. The reorganisation will lead to a further staff reduction of nine positions. With this step, the restructuring process for the front office is completed. In the course of the financial year, the back office will undergo some selective adjustments as planned after reviewing processes, the organisation and systems.
European trading hubs well positioned
EGL’s trading hubs in Europe are developing as expected and are therefore not affected by restructuring. In line with the strategy focus communicated in December 2010, EGL is expanding its client business with structured products and innovative services (origination) in the European market.
"With the restructuring of the trading business in Dietikon and the expansion of selected trading hubs in Europe our resources are efficiently allocated. On one side, this enables us to provide comprehensive origination services for our clients, and on the other side, improve the return in proprietary trading. This ensures sustainable profitability," says Domenico De Luca, Head of Energy Trading & Origination and Member of Executive Management.
Further information
Media Relations: Tel. +41 44 749 40 10, media.ch@egl.eu
