Bunge Lays Off Grain Traders in Geneva
Company seeks to minimize risk
U.S. agribusiness firm Bunge Ltd. laid off up to 10 grain traders in Geneva in recent days as it pursues a global restructuring to cut costs and reduce market exposure, five industry sources said.
According to a report at Reuters, the cuts to trading staff come as Bunge is streamlining its operations in tough agricultural markets and seeks to avoid a repeat of money-losing bets made early in the year-old U.S.-China trade war.
A source told Reuters that Bunge would unveil further details of its new organization on Sept. 16.