Business

Big Banks Making a Killing Off Global Hunger, Energy Crises

RawNews1st September 14, 2022

9/13/2022

“Russia’s war on Ukraine has wreaked havoc on global commodity markets, driving up energy and food prices and exacerbating hunger emergencies around the world.

But while disastrous for the global poor — millions of whom are living on the brink of famine — the chaos has been a major boon for Wall Street giants, according to new data showing that the world’s 100 largest banks are on pace to smash commodity trading profit records this year.

‘The 100 biggest banks by revenue are set to make $18 billion from commodities trading in 2022,” Bloomberg reported last week, citing figures from the London-based firm Vali Analytics.

‘That would be the highest in the data, which goes back 14 years, and exceed the previous high watermark in 2009’.”