TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

JPMorgan sells commodities business

By The Associated Press
Thursday, March 20, 2014, 12:01 a.m.
 

JPMorgan on Wednesday said it has made a deal to sell its physical commodities business for $3.5 billion, largely as a result of new regulations that crimped its ability to control power plants, warehouses and oil refineries.

If it's approved by regulators, the deal would put the commodities business in the hands of energy and commodities trading company Mercuria Energy Group Ltd.

Big banks have long profited from price swings in metals, energy and other commodities. But some had branched out into owning physical facilities.

JPMorgan Chase & Co. said Wednesday that after the sale it will still provide traditional banking activities in the commodities markets.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. LNG exports get federal approval from Dominion’s Cove Point terminal
  2. Western Pa. unemployment rate holds steady in August
  3. Study: Wellness programs don't save money, but employee health improves
  4. Cranberry-based Prodigo Solutions: Hospitals can reduce high supply costs
  5. RadioShack decline belies its longevity
  6. With acquisition, PNC set to enter IPO market
  7. Shale gas industry’s ad campaign aims to promote fracking
  8. Consol, Noble spinoff raises $385 million in IPO
  9. NHTSA probes sudden acceleration complaints in Toyota Corollas
  10. State cites Patriot Coal in W.Va. mine accident
Subscribe today! Click here for our subscription offers.