JP Morgan flees physical commodities trading
Amid intensifying pressure from regulators, JP Morgan Chase & Co will exit physical commodities trading, the bank said in a statement Friday.
The bank says that it will now pursue “strategic alternatives” to physical commodities, “including its remaining holdings of commodities assets and its physical trading operations.”
Exploration is underway for “a sale, spinoff of strategic partnership” for its physical trading unit but the bank claimed that it will remain committed to “its traditional financial commodity business, including trading derivatives and its activities in precious metals,” Reuters reported Friday.
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