JPMorgan to expand commodity trading presence
JPMorgan plans to increase its global commodity trading staff by more than 30% within 12 months.
Particular focus will be placed on boosting the agriculture trading desk and in undertaking new energy initiatives, which the bank says will add between $100 million and $160 million in annual earnings as early as this year. The bank says that it expects to capture as much as 8% of the $11 billion in global annual energy-trading revenue it forecasts for 2010.
The biggest expansion will be in energy. “Much of our build out has been in the energy markets and that is still the case,” said JP Morgan
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