The Vitol Group is based in Switzerland. Denis Balibouse/Reuters
According to Bloomberg, commodities and energy trader Vitol Group had a net profit of $15.1 billion in 2022.
The company’s 3,300 employees were paid an average of $785,000, nearly double last year.
The salaries and bonus payments exceed the average income of employees of large Wall Street banks many times over.
This is a machine translation of an article by our US colleagues at Insider. It was automatically translated and checked by a real editor. We welcome feedback at the end of the article.
Vitol Group employees received huge pay rises this year after the oil trading company reported record profits of $15.1 billion. Bloomberg Sea Vitol’s 3,311 employees earned an average of $785,000 in salaries and bonuses, up from $394,000 in 2022.
Her salary far exceeds the average pay at Wall Street banks like Goldman Sachs and Morgan Stanley, which averaged $312,000 and $280,000, respectively, last year.
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Vitol owes its huge gains to the upturn in energy and commodity markets triggered by Russia’s invasion of Ukraine early last year. According to Bloomberg, Vitol and rival retailers Cargill, Glencore and Trafigura together made nearly $50 billion in profits in 2022.
Sea Financial Times Vitol is the world‘s largest independent oil trader with chief executives based in London. However, according to the newspaper, Vitol has also benefited from big gains in other areas such as the electricity market and liquefied natural gas trading.
More than 400 Vitol employees, mostly based in London, Geneva, Singapore and Houston, received a $2.5 billion (about €2.3 billion) distribution last year, as reported by Reuters. According to Bloomberg, the $15.1 billion for 2022 is more than the company’s profits over the previous six years combined.
Vitol was founded in Rotterdam in 1966 and is based in Switzerland. Vitol Group declined comment to Bloomberg and did not immediately respond to an after-hours request from Business Insider.
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