JPMorgan Has Made Deep Cuts to Metals Business After Nickel Crisis
- Top metals bank has cut clients, bankers’ bonuses amid review
- Base metals unit has been under scrutiny from top management
This article is for subscribers only.
JPMorgan Chase & Co. has cut dozens of base metals clients and slashed bankers’ bonuses, as the business remains under harsh internal scrutiny in the wake of last year’s nickel crisis.
JPMorgan, Wall Street’s biggest player in metals, has been reviewing its commodity exposure for over a year after it played a prominent role as the biggest counterparty of the Chinese company at the center of the nickel short squeeze on the London Metal Exchange. It was also a financier of the top Chinese copper trader whose business ground to a halt after a liquidity crisis last year.