ADM Layoffs Upend Trader’s Global Commodity Desk in Switzerland
(Bloomberg) — Archer-Daniels-Midland Co. is cutting jobs at its global commodity desk after a probe into its accounting practices wiped out billions from the agriculture giant’s value, according to people familiar with the matter.
At least eight traders based in Rolle, Switzerland, have been let go in recent rounds of layoffs, said the people, who asked not to be named because the information is private. These include managers responsible for buying and selling grains, vegetable oils and freight.
ADM is grappling with an investigation into its accounting practices that started more than a year ago and erased some $12 billion of the company’s value. The probe came just as bumper harvests globally sent the prices of everything from wheat to soybeans tumbling, hurting crop traders.
Christian Trepp, vice president of world oils trading; Hans Christian Jensen, head of freight; and Patrick Mohr, vice president of global grain trade, are among those impacted by the layoffs, according to the people. The cuts came even as the company’s global commodity trade desk achieved its targets for last year and bonuses were cut by as much as half, the people said.
“These actions are part of the targeted workforce reduction and cost saving actions we announced earlier this year,” ADM said in a statement to Bloomberg. “We are focused on simplifying our organization, including the global trading group, and ensuring our cost structure allows us to remain competitive.”
The global trading desk sits at the heart of ADM’s traditional business of buying and storing crops in producing countries, to later sell and transport them to importing nations for a profit. Its Swiss trading desk is responsible for taking part in grain tenders from top buyers including Egypt and Algeria.
Chicago-based ADM announced earlier this year that it would cut between 600 and 700 jobs globally in 2025 as part of a plan to achieve as much as $750 million in cost savings over the next three to five years. It’s targeting as much as $300 million in savings for this year.
The company also plans to slash Chief Executive Officer Juan Luciano’s annual cash bonus to about $1.2 million, less than half of his target of nearly $3 million, according to a securities filing. That brings his total compensation to roughly $21.6 million, down from $24.4 million in the previous year.
Other employees hit by the layoffs in Switzerland include Cesar Marcon, trade manager for global soybean oil; Michael Endres, head of midprotein trading; and three other traders.
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