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Tuesday, September 2, 2014

JPMorgan in talks to sell oil-supply agreement to BoA -WSJ, (NYSE: BAC), (NYSE: JPM)

JPMorgan Chase & Co is in talks to sell its oil-supply agreement with a major Philadelphia refinery to Bank of America Corp, the Wall Street Journal reported Tuesday, citing people familiar with the matter. Under JPMorgan's deal with Carlyle Group-owned Philadelphia Energy Solutions, the company supplies the refinery with crude oil and credit and receives refined fuel products that it can trade, the Journal said. (on.wsj.com/W84NRE)According to the WSJ, discussions between the banks have been going on for a while and it is still possible they could fall apart.The deal was supposed to be a part of JPMorgan's $3.5 billion sale of its physical commodities business to Swiss trading house Mercuria earlier this year.However, sources told the WSJ that Philadelphia Energy refused to accept Mercuria as a partner in the arrangement, adding that Mercuria also was not interested in the business.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 1.12% or $0.18/share to $16.27. In the past year, the shares have traded as low as $13.60 and as high as $18.03. On average, 65855800 shares of BAC exchange hands on a given day and today's volume is recorded at 59400412.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.37% or $0.22/share to $59.67. In the past year, the shares have traded as low as $50.06 and as high as $61.48. On average, 12839100 shares of JPM exchange hands on a given day and today's volume is recorded at 8678222.



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