JP Morgan breaks up currencies and commodities group

JP Morgan is to separate its currencies and commodities business in an attempt to improve client coverage and execution.

In an internal memo, Steve Black and Bill Winters, New York-based co-chief executives of the investment bank, announced that G-10 currencies would merge with the bank's rates business, while emerging market currencies would be coupled with the emerging markets group. They said the plan would allow the bank to "better manage common market risks and offer clients better coverage