When Glencore made history in 2011 with London’s biggest ever stock market flotation, it seemed the rise of the commodity traders was unstoppable.

The firm had evolved from the ultra-secretive Marc Rich & Co, with its controversial history, into a darling of the public markets.

Overnight, the Swiss-based firm created more than 400 millionaires among its staff from its $60bn valuation, earning it the nickname The Millionaires Factory.