JPMorgan Chase & Co. (JPM) named two managing directors, John Anderson and Mike Camacho, to take over from Blythe Masters as co-heads of global commodities after the bank pulls back from physical products.
Anderson has been JPMorgan’s Houston-based head of non-oil energy trading and Camacho has led EMEA commodities in London since 2012, the New York-based company said in a memo to employees today. Masters, who started as an intern almost three decades ago, plans to leave as JPMorgan completes a $3.5 billion sale of the physical commodities business to Mercuria Energy Group Ltd., according to the bank.
“We are confident our franchise will continue to be recognized for our commitment to clients, and our dedication to providing them with the products they need across a wide range of commodities products and services,” according to the memo from James Kenny and Troy Rohrbaugh, co-heads of global rates, foreign exchange, commodities and emerging markets.
JPMorgan, the biggest U.S. bank, is getting out of physical commodities amid pressure from regulators and lawmakers. They’re concerned that banks handling raw materials and energy could manipulate prices or endanger the financial system.
The replacements for Masters were reported earlier by SparkSpread, an industry trade publication. JPMorgan fell 1.6 percent to $53.34 today in New York, leaving the shares down 8.8 percent this year.
To contact the reporter on this story: Craig Giammona in New York at email@example.com