JP Morgan to expand commodity trading presence
JP Morgan 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 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 it expects to capture as much as 8% of the $11 billion global annual energy trading revenue it forecasts for 2010.
The biggest expansion will be in energy. "Much of our
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