US largest bank moving out of the commodities business; Congress investigation

Saturday, July 27th 2013 - 20:13 UTC

Full article 2 comments

New York-based JPMorgan, the largest US bank, said that it’s “pursuing strategic alternatives,” including the sale or spin-off of its commodities business, after an internal review. The statement came three days after a US congressional hearing investigated whether deposit-taking banks should be allowed to trade raw materials such as oil and industrial metals. Read full article

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Baxter
The last paragraph says it all . They are pulling out because it is no longer a big profit business . Which bodes badly for those countries depending on commodity price increases to fuel their increasing social expenditure .
Jul 27th, 2013 - 08:53 pm - Link - Report abuse 0
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Captain Poppy
Perhaps SA need to make alternative plans then turning to an agrarian economy. Besides, lower commodity prices are better for the world.
Jul 27th, 2013 - 11:37 pm - Link - Report abuse 0
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