Trading spreads

In 2003, at the start of the commodities boom, JP Morgan set out to expand its commodities operations with the aim of becoming one of the top three banks in the market. Since then, its front-office commodities staff has grown from 50 people to more than 450 across its main bases in London, New York, Houston and Singapore, and smaller bases in Calgary, Chile, Hong Kong, Kenya, Oxford, Sydney, Tokyo, and Turkey.

Since the intensification of the banking sector crisis last year, it has been one of o