Pundit's Perspectives – Wed 19 Mar, 2014
JPMorgan Agrees to Sell Commodities Unit for $3.5 Billion
The “Owl Coinland…” turned us onto this story today with a couple of his comments.
Bloomberg recapped the sale which is to a group called Mercuria Energy Group Ltd. which was started in 2004 by former Goldman Sachs (GS) Group Inc. traders Marco Dunand and Daniel Jaeggi. The company has grown at an astronomical pace over the past few years – “From 2011 to 2013, Mercuria hired 570 people, including executives from investment banks such as Goldman Sachs and Barclays Plc. That boosted the staff to 1,200 from about 10 in 2004.” – and is now the 4th largest independent commodity trader.