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The fixed-income, currency and commodities division lost $29 million in the fourth quarter.
Some analysts have said that UBS should downsize its credit business and abandon its commodities division.
But the enlarged commodities division was soon generating bigger profits than the Canadian brokerage had ever produced.
Among the winners beyond Mr. Hernandez in the reshuffling is Blythe Masters, the long-time head of JPMorgan's commodities division.
The bridegroom, 29, works in Houston as a vice president in derivative sales in the global commodities division of Citigroup.
Many of these executives, like Mr. Blankfein, cut their teeth in the commodities division, J. Aron & Company.
Similar(30)
The chief executive, Allan E. Moss, said that growth was strong in Asia, Europe and North America and that the investment banking, treasury and commodities divisions had good results, especially in energy and commodities operations in the United States.
He served as chief of staff to the equities and fixed income, currencies and commodities divisions and served as the co-head of the global credit businesses within those divisions before landing at the investment management unit.
An acquisition by another exchange could offer other cost savings, for example, through reductions in the exchange's trading and back-office I.T. systems, as well as through a combination with another exchange's existing commodities divisions.
As the prices of oil, gold, and other natural resources rose, firms with well-established commodity divisions, such as Goldman Sachs and Morgan Stanley, were prospering.
We expect the business to remain challenged by depressed conditions in some of its key commodity divisions and the South African mining industry to remain a tough working environment, meaning many will favour the other lower risk, higher margin major miners.
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