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Monday, Aug 5
JPMorgan in talks to sell metals-storage unit
- JPMorgan (JPM) is reportedly in negotiations to sell its metals-storage unit, Henry Bath, to London commodities broker Marex Spectron.
- JP Morgan last month said it would seek "strategic alternatives" for its physical oil, gas, power and metals trading division such as a joint venture, spin-off or sale.
- The move comes amid increasing regulatory and Senate scrutiny in the U.S. on banks' physical-commodity operations. Bart Chilton, a member of the Commodity Futures Trading Commission, is due to say today that the Federal Reserve should scrap a decade-old ruling that allows banks to trade in the sector. The Fed is reviewing the policy.