WSJ: JPMorgan agrees sale of commodities-trading unit to Mercuria

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

JPMorgan (JPM) has agreed to sell its commodities-trading operations to Swiss trading house Mercuria Energy Group, the WSJ reports.

The price isn't clear, although JPMorgan valued the assets at $3.3B in October. The final amount could depend on the valuation of large stockpiles of oil and metals the bank holds.

The deal is expected to be completed in the summer.

JPMorgan is selling the operations amid increasing scrutiny of banks' commodity operations following allegations of problematic practices.