JPMorgan scales down metals enterprise – Bloomberg Information – thqaftqlm

JPMorgan scales down metals enterprise – Bloomberg Information

Provides background on nickel disaster

April 13 (Reuters)JPMorgan Chase & Co JPM.N has stopped working with dozens of base metals purchasers and slashed bonuses of its bankers after final yr’s nickel disaster, Bloomberg Information reported on Thursday, citing individuals accustomed to the matter.

The financial institution didn’t instantly reply to Reuters request for remark.

JPMorgan’s metals enterprise has been beneath strict inner scrutiny because of the financial institution’s position within the upheaval final yr, when the London Metallic Change (LME) was pressured to droop nickel buying and selling after the metallic’s costs doubled.

The surge was attributed to China’s Tsingshan Holding Group shopping for massive quantities of nickel to scale back its quick positions within the metallic.

JPMorgan has reduce quite a few base metals purchasers in Asia, significantly stopping enterprise with privately owned Chinese language firms, in response to the Bloomberg report.

The financial institution is constant to work solely with a couple of massive, long-standing purchasers within the area, the report added.

(Reporting by Niket Nishant in Bengaluru; Modifying by Shinjini Ganguli)


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