J.P. Morgan to Explore Strategic Alternatives for its Physical Commodities
NEW YORK -- July 26, 2013
JPMorgan Chase & Co. (NYSE: JPM) announced today that it has concluded an
internal review and is pursuing strategic alternatives for its physical
commodities business, including its remaining holdings of commodities assets
and its physical trading operations.
To maximize value, the firm will explore a full range of options over time
including, but not limited to: a sale, spin off or strategic partnership of
its physical commodities business. During the process, the firm will continue
to run its physical commodities business as a going concern and fully support
ongoing client activities.
J.P. Morgan has built a leading commodities franchise in recent years,
achieving a top-ranked revenue position. The business has been consistently
named as a top client business in Greenwich Associates’ annual client surveys
and was recently named Derivatives House of the Year by Energy Risk magazine.
Following the internal review, J.P. Morgan has also reaffirmed that it will
remain fully committed to its traditional banking activities in the commodity
markets, including financial derivatives and the vaulting and trading of
precious metals. The firm will continue to make markets, provide liquidity and
offer advice to global companies and institutions that have, for years, relied
on J.P. Morgan’s global risk management expertise.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.4 trillion and operations worldwide. The firm is a leader in
investment banking, financial services for consumers, small business and
commercial banking, financial transaction processing, asset management and
private equity. 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
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