J.P. Morgan Completes Sales of Physical Commodities Assets
NEW YORK--(BUSINESS WIRE)--
JPMorgan Chase & Co. (NYSE:JPM) has today completed the previously announced sale of parts of its physical commodities business to Mercuria Energy Group Limited. In addition to completing the all-cash transaction with Mercuria, J.P. Morgan agreed to sell to other buyers physical commodity assets that had originally been included in the Mercuria transaction. Reflecting the completed sale to Mercuria as well as the asset sales with other parties, J.P. Morgan will have sold or liquidated substantially all of the physical commodity assets that had been part of the original $3.5 billion deal with Mercuria. The after-tax impact of J.P. Morgan's various sales is not expected to have a material impact on the firm's earnings.
J.P. Morgan will continue to be an active participant in the commodities markets, providing traditional banking activities including: financing, derivatives, LME warrant trading, the vaulting and trading of precious metals, liquidity and risk management, and offering advice to global companies and institutions.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
JPMorgan Chase & Co.
Sarah Youngwood (212) 270-7325
Brian Marchiony 212- 270-7433
Jennifer Zuccarelli 44-207-134-8504
JP Morgan Chase
Source: JP Morgan Chase