JPMorgan sells commodities business
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.
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