Barclays joins retreat from commodities as new rules bite

``Barclays said it would exit most of its base metals, energy and agricultural trading but will continue in precious metals, some oil and gas derivatives products and index products. The smaller business will be based on electronic execution, it said... Barclays Chief Executive Antony Jenkins plans to unveil a wider reduction in the size of his investment bank on May 8 as he attempts to cut costs and improve profitability by axing areas that have been hit hardest hit by tougher regulation. It could see thousands of jobs go.''