-- Equinor's energy trading unit Danske Commodities has shed about 5% of its workforce in order to focus more on technology-based operations, Bloomberg reported on Wednesday.
Up to 28 employees left the company last month, the news agency said, referencing an emailed statement that did not offer further details.
Sources familiar with the situation said traders and other staff were affected.has reached out to the company seeking comment.
The cull comes after Danske Commodities reorganized its Asian operations resulting in a smaller trading team. The company had made huge profits during times of volatility and high prices but struggled to replicate those returns in calmer markets, the Bloomberg article said.
The company's full-year results, published on Thursday, show it made a full-year profit of 88 million euros ($103.8 million).
Jonas Skovbjerg Hansen, vice president of people and culture, said in a statement that the cuts are necessary in order to position Danske Commodities well in "the markets of the future" and the strategy would build on the company's strength in tech trading and asset management.
Danske Commodities employs more than 600 people, according to its website.
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