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Commodities Briefing - Categorized | Financial, Market Moves more

Banks and commodities never mixed

Posted on 20 March 2014

J.P. Morgan Chase & Co.’s decision to sell its commodities trading unit ends a chapter of anything-goes banking that dominated the 2000s after the so-called financial modernization laws passed a little over a decade ago.
The bank on Wednesday said it agreed to sell the unit for $3.5 billion cash to Mercuria Energy Group Ltd., the Swiss trading giant. J.P. Morgan’s move follows similar sales or shuttering of commodities units by Deutsche Bank AG , Goldman Sachs Group Inc. and Morgan Stanley to name a few. Exiting what amounted to a more-than-a-decade experiment in the nation’s banking system wasn’t without costs………………………………………..Full Article: Source


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