JPMorgan Mulls Physical Commodities Exit Amid U.S. Review

NEW YORK (july 28) JPMorgan Chase & Co. (JPM) said it plans to get out of the business of owning and trading physical commodities ranging from metals to oil, three days after a U.S. Senate panel questioned whether banks are abusing their ownership of raw materials to manipulate markets.

The announcement also comes as JPMorgan negotiates a settlement with the Federal Energy Regulatory Commission that may include a $400 million fine and other penalties, according to a person familiar with the negotiations.