Bank of America on Tuesday said it would close its European power and gas sales and trading desk, mainly due to lower demand.

The Charlotte, N.C.-based bank doesn't disclose revenue for the desk. A person familiar with the matter said the European power and gas sales and trading operations don't contribute materially to Bank of America's trading revenue.

Bank of America to close European power and gas trading desk

Mirrors similar moves as banks face regulatory constraints and flat or declining prices

The Wall Street Journal

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