Showing posts with label JPMorgan. Show all posts
Showing posts with label JPMorgan. Show all posts
Monday, July 29, 2013
JPMorgan Says It May Leave The Physical Commodities Business After The NYT Takes Aim At It
JPMorgan, a major player in commodities on Wall Street, said in a press release that it "is
pursuing strategic alternatives for its physical commodities business,
including its remaining holdings of commodities assets and its physical
trading operations."The announcement comes hot on the heels of a New York Times piece detailing a Goldman Sachs aluminum warehousing scheme it asserts has cost consumers $5 billion over the last three years.
Goldman's foray into the warehousing business is a prime example of the ingenuity displayed by investment banks over the past decade since they first became involved in physical commodities in coming up with new ways to generate revenue.
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