• Jeff Katz was previously the bank’s head of oil trading
  • Michael Camacho taking role at asset management division

JPMorgan Chase & Co. appointed Jeff Katz as global head of commodities, replacing Michael Camacho, who’s moving to the bank’s asset management division.

Katz, who was previously head of oil trading after transferring to commodities in 2012, will report to Troy Rohrbaugh, global head of macro trading, bank spokesman Patrick Burton said. Katz joined the bank from Goldman Sachs Group Inc. in 2005, working as a senior trader in foreign-exchange options.

JPMorgan, which sold parts of its physical commodities business to Mercuria Energy Group in 2014, was the joint second-largest bank by raw materials revenue last year, according to analytics firm Coalition. Banks have scaled down or abandoned their commodities businesses in the past few years amid increased regulatory scrutiny and reduced investment by hedge funds and other large traders.

Camacho took over from Blythe Masters as co-head of global commodities in 2014. He also served as the bank’s head of commodities for Europe, Middle East and Africa, as well as the global head of metals. His new role will be as global head of beta strategies at JPMorgan Asset Management.

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