JPMorgan has launched the sale of its physical commodities business, circulating offering documents to potential buyers and valuing the assets at $3.3bn, according to a person familiar with the matter.
Reuters reports that JPMorgan's sales pitch comes after the bank announced it was exiting physical commodity trading in July, as Wall Street faces heightened scrutiny from regulators and politicians on their role in the natural resources supply chain.
The largest part of the physical business is the bank's crude trading operations, which the bank values at $1.7bn, according to a person familiar with the matter. That's followed by the firm's North American natural gas assets at $800m and base metals - including the Henry Bath warehouse company - at $500m.
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