Citigroup has been ordered to pay commodities merchant Mercuria almost $14m as part of prolonged legal wrangling over Chinese metals financing deals hit by suspected fraud, a report on Wednesday said.
Goldman Sachs has put its metals warehouse business up for sale, according to a spokesman.
Goldman Sachs, whose three top executives began their careers at the firm in the commodity-trading unit, is poised to gain market share as pressure from regulators drives competitors to scale back.
JPMorgan Chase will sell its physical commodities unit to Mercuria Energy Group Ltd. for $3.5 billion, ending a five-year foray into owning and storing raw materials amid pressure from regulators to leave the business.
JPMorgan could fetch at least $2bn for its commodities unit after it received bids from Blackstone Group, Macquarie Group and Mercuria Energy Group, people with knowledge of the matter said.
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