JPMorgan Chase & Co is close to announcing the sale of parts of its physical commodities business - one of the most powerful oil and metals desks on Wall Street - to Swiss trading house Mercuria for $1 billion, the Wall Street Journal reported. The deal, which carried a smaller price than originally announced, could close as soon as later on Thursday, the Journal reported, citing a person familiar with the matter.Certain parts of the business will be sold to other buyers, it said. (on.wsj.com/1mVgMij)The biggest U.S. bank had originally agreed in March to sell the entire business to Mercuria for $3.5 billion because of rising regulatory and political pressures, and so it could concentrate on its core lending business.JPMorgan still intends to exit the business and get $3.5 billion overall once proceeds from the sales of the individual projects are added to the Mercuria sale, the WSJ said.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 0.79% or $-0.47/share to $58.90. In the past year, the shares have traded as low as $50.25 and as high as $61.85. On average, 12964300 shares of JPM exchange hands on a given day and today's volume is recorded at 10317772.
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