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By Clara Denina
LONDON, May 20 (Reuters) - Barclays' head of spot goldtrading is leaving as part of the bank's restructuring and itsexit from the commodity business, sources familiar with thesituation told Reuters on Tuesday.
Marc Booker's exit leaves Martyn Whitehead, Barclays' globalhead of metals and mining sales, as the bank's onlyrepresentative listed with the London Gold Market Fixingcompany. Barclays is one of the four banks that contributes tothe twice-a-day price setting process for the globallyrecognised benchmark.
But there has also been speculation about Whitehead's futureat the bank.
"I have a job for the year. I have been working for Barclaysfor 13 years, and I will continue to do my job at Barclays," hetold Reuters when asked about the speculation.
Barclays said in April it was exiting most commoditiesbusinesses but would continue in precious metals.
A spokeswoman for Barclays declined to comment onthe matter. Booker could not immediately be reached.
His exit follows the departure earlier in the year ofJonathan Spall, product manager for metals at the bank, and thatof other commodity staff.
With regulatory scrutiny showing no signs of abating andcost pressures still elevated, the commitment of banks to theprecious metals benchmarks is being questioned by the industry.
The other banks involved in the gold-setting process areHSBC, Societe Generale and Bank of NovaScotia. A former fifth member of the fix, Deutsche Bank, resigned on May 12 without a replacement.
Meanwhile, the 117-year old London silver price fix set byDeutsche Bank, HSBC and Bank of Nova Scotia will cease on Aug.14. The London Bullion Market Association haslaunched consultation on a possible alternative. (Editing by Veronica Brown and Jane Baird)
