04.11.2013 - Big banks are looking to dump commodities units
Facing lingering questions about the oversight and profitability of their businesses, Morgan Stanley and JPMorgan Chase have taken steps to sell their commodity divisions, say people familiar with the matter. The firms are holding discussions with a range of offshore buyers who wouldn't be subject to relatively stringent US banking rules. Morgan Stanley held detailed discussions with China International United Petroleum & Chemicals—otherwise known as Unipec—as recently as September about a possible purchase of its commodities-trading division, according to people with knowledge of the talks...............................................Full Article: Source
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