JPMorgan to Sell $1.3 Billion Loan Portfolio to Sankaty

JPMorgan Chase & Co. agreed to sell about $1.3 billion of loans and securities to Sankaty Advisors LLC as the largest U.S. bank pares back non-essential holdings.

The unit of Bain Capital LLC will acquire the assets from JPMorgan’s Global Special Opportunities Group, the companies said in a statement today. The transaction, which will probably close by the end of the year, won’t have a material impact on the New York-based bank’s earnings, according to the statement.