JP Morgan in global commodities staff cull

JP Morgan Chase has slashed up to 50 people from its global commodities division.

"There were cuts made yesterday across the commodities platform, of between 40 to 50 people globally," says one industry insider.

The cuts were made as a result of the acquisition of RBS Sempra's Commodities global oil, metals and coal and European power and gas businesses.

The acquisition, costing the investment bank $1.6 billion, was first announced in February before being completed on July 1.

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