JPMorgan Chase stops selling physical commodities amid federal pressure
Source: RawStory.com
By Reuters
Friday, July 26, 2013 22:30 EDT
By David Sheppard and Jonathan Leff
NEW YORK (Reuters) JPMorgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Streets role in the trading of raw materials comes under unprecedented political and regulatory pressure.
After spending billions of dollars and five years building the banking worlds biggest commodity desk, JPMorgan said it would pursue strategic alternatives for its trading assets that stretch from Baltimore to Johor, and a global team dealing in everything from African crude oil to Chilean copper.
The firm will explore a sale, spinoff or strategic partnership of the physical business championed by commodities chief Blythe Masters, the architect of JPMorgans expansion in the sector and one of the most famous women on Wall Street. The bank said it will continue to trade in financial commodities such as derivatives and precious metals.
Pressured by tougher regulation and rising capital levels, JPMorgan joins other banks such as Barclays PLC and Deutsche Bank in a retreat that marks the end of an era in which investment banks across the world rushed to tap into volatile markets during a decade-long price boom...
Read more: http://www.rawstory.com/rs/2013/07/26/jpmorgan-chase-stops-selling-physical-commodities-amid-federal-pressure/
mbperrin
(7,672 posts)But I won't hold my breath - these are world-class liars and crooks.
AtheistCrusader
(33,982 posts)dothemath
(345 posts)Taxpayers will bail them out. Bernanke will loan them money to cover their debts as zero per cent interest and life will go on as it has since Glass-Stegall was murdered. Move along, folks, nothing to see here.
Kolesar
(31,182 posts)Kolesar
(31,182 posts)Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
JimboBillyBubbaBob
(1,389 posts).....their stripes.