JPMorgan to Sell Commodities Business

摘要

JPMorgan is selling its physical commodities business to Mercuria for $3.5 billion, the US investment bank said on Wednesday, sweeping the fast-growing Swiss trading house into the top league of commodities traders. The all-cash transaction for one of the most powerful oil and metals desks on Wall Street is expected to close in the third quarter, JPMorgan said in a statement.