JP Morgan’s commodity sales fall
JP Morgan Chase’s commodity revenues fell 12 per cent last year, the bank said in a filing yesterday, shedding new light on the unit as the bank prepares to sell its physical trading arm to Swiss-based trader Mercuria. It said principal transaction revenues in commodities were $2.073bn in 2013, down from $2.363bn the previous year and $2.823bn in 2011, the bank said in its annual 10-K filing with the US Securities and Exchange Commission.