Barclays hires two senior energy traders to help build the business

NEW YORK (Reuters) - Barclays has hired two senior energy traders to help it raise its presence in the business, according to an internal memo.

The bank is building out its commodity business as it focuses on precious metals, financial oil, U.S. financial gas and index products.

The bank has exited trading most physical commodities except precious metals, jettisoning physical energy and agriculture. It follows Deutsche Bank and other banks in retreating from the sector.

The two hires were previously reported by Risk.net.

Russell Ballato, previously global head of energy trading at Credit Suisse, is set to join Barclays later this week as a New York-based managing director and head of energy trading, according to the memo. Ballato will report to Rob Bogucki, head of macro trading, a Barclay's spokesperson said. Ballato's previous roles at Credit Suisse included head of natural gas trading for the United States and Europe.

The other hire, Chris Tyrer, will return to Barclays later this month as a director and head of European energy trading. He will be responsible for the global financial oil trading business.

Tyrer worked at Barclays from 2001 to 2011, and was a key player in building its financial oil business. Most recently, he worked as a senior crude oil trader at commodity merchant Mercuria. In his new role he will report to Ballato.

"These hires reaffirm the firm's commitment to the business," the memo said. "Russell, Chris and the team will continue to work alongside our colleagues in sales, structuring and research, as well as banking, to deliver solutions to our clients."

(Reporting By Jessica Resnick-Ault; Editing by Peter Galloway)