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Jul 31, 2013

Under fire, Goldman offers way round warehouse lines

NEW YORK, July 31 (Reuters) – Goldman Sachs responded
to mounting political pressure and regulatory scrutiny of its
Metro International metals business, by offering customers
immediate access to aluminum stored in its warehouses on
Wednesday.

In a statement outlining the bank’s proposal to cut waiting
times at all London Metal Exchange warehouses, Goldman Sachs
said it would make aluminum immediately available to major
consumers.

Jul 29, 2013

What next for the ‘Wall Street Refiners’ as JPM exits physical commodities?

NEW YORK (Reuters) – As JPMorgan Chase prepares to exit physical commodities trading, the spotlight is turning to the future of the two banks that have dominated Wall Street’s involvement in the natural resources supply chain for 30 years.

Goldman Sachs (GS.N: Quote, Profile, Research) and Morgan Stanley (MS.N: Quote, Profile, Research) two decades ago became known as the ‘Wall Street Refiners’ for their mastery of both financial and physical commodities.

Jul 29, 2013

Analysis: What next for the ‘Wall Street Refiners’ as JPM exits physical commodities?

NEW YORK (Reuters) – As JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) prepares to exit physical commodities trading, the spotlight is turning to the future of the two banks that have dominated Wall Street’s involvement in the natural resources supply chain for 30 years.

Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) two decades ago became known as the ‘Wall Street Refiners’ for their mastery of both financial and physical commodities.

Jul 27, 2013

Under siege, JPMorgan to quit physical commodities

NEW YORK (Reuters) – JPMorgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street’s role in the trading of raw materials comes under unprecedented political and regulatory pressure.

After spending billions of dollars and five years building the banking world’s biggest commodity desk, JPMorgan said it would pursue “strategic alternatives” for its trading assets that stretch from Baltimore to Johor, and a global team dealing in everything from African crude oil to Chilean copper.

Jul 26, 2013

JPMorgan to quit physical commodity trade amid scrutiny

NEW YORK (Reuters) – JP Morgan Chase & Co (JPM.N: Quote, Profile, Research) is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street’s role in the trading of raw materials comes under intense political and regulatory pressure.

Wall Street’s biggest bank said an “internal review” had concluded it should pursue “strategic alternatives” for its physical commodities operations, which includes assets like its Henry Bath metals warehousing subsidiary and a vast global team trading everything from African crude to Canadian natural gas.

Jul 26, 2013

JPMorgan to exit physical commodities trading

NEW YORK (Reuters) – JP Morgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street’s role in the trading of oil tankers, coffee beans and metals comes under intense political and regulatory pressure.

Wall Street’s biggest bank said an “internal review” had concluded it should pursue “strategic alternatives” for its physical commodities operations, which includes assets like its Henry Bath metals warehousing subsidiary and a team of physical power and oil traders in Houston and New York.

Jul 24, 2013

JPMorgan’s commodity arm eyes sale of power plant trading deals

NEW YORK, July 24 (Reuters) – JPMorgan Chase & Co’s
commodity trading arm is looking to sell more of the electricity
deals it has with U.S. power plants and wind farms, a source
familiar with the business said on Wednesday, at a time when
Wall Street’s involvement in physical commodity markets is under
heightened scrutiny.

The so-called power tolling and marketing deals cover enough
electricity to light up Indiana’s 2.8 million homes, according
to detailed regulatory filings, and include almost 3,000
megawatts of power generation spread across nine states.

Jul 23, 2013

At Senate, Wall St. and Fed feel heat over commodity trade

WASHINGTON/NEW YORK (Reuters) – Wall Street’s multibillion-dollar commodity trading operations came under the political spotlight on Tuesday as a powerful Senate committee questioned whether commercial banks should control oil pipelines, power plants and metals warehouses.

The Senate Banking Committee hearing comes as Goldman Sachs, Morgan Stanley and JPMorgan Chase – which generated an estimated $4 billion in commodity revenues last year – face growing pressure from a number of investigations into their operations, and as the Federal Reserve reviews Wall Street’s right to operate in raw material markets.

Jul 22, 2013

Insight: Wall Street reshapes commodities business to fend off regulation

NEW YORK (Reuters) – Wall Street’s most powerful banks have accelerated efforts to transform the structure and focus of their commodity trading desks to preserve their multibillion-dollar empires from tightening regulation.

Scrutiny of their activities in electricity markets, metals warehousing and oil trading is reaching fever pitch ahead of a Federal Reserve decision in September that may decide how deeply banks can delve into the world of gasoline tankers, piles of copper and power plants.

Jul 22, 2013

Wall St reshapes commodities business to fend off regulation

NEW YORK, July 22 (Reuters) – Wall Street’s most powerful
banks have accelerated efforts to transform the structure and
focus of their commodity trading desks to preserve their
multibillion-dollar empires from tightening regulation.

Scrutiny of their activities in electricity markets, metals
warehousing and oil trading is reaching fever pitch ahead of a
Federal Reserve decision in September that may decide how deeply
banks can delve into the world of gasoline tankers, piles of
copper and power plants.