JPMorgan in talks to sell metals-storage unit

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

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.