JPMorgan to shut Geneva energy trading operation -sources
LONDON Nov 14 (Reuters) - JPMorgan is set to close its energy trading operation in Geneva, which employs a team of around 12 traders, within the next four to five months, sources familiar with the matter said on Thursday.
The investment bank will stop physical and paper trading of oil, oil products, energy and power in Geneva by the end of this year, a trade source said, while a source close to the bank said the operation would close by the end of the first quarter in 2014.
JPMorgan has already put its physical global commodity trading operation up for sale, but a source close to the bank said that the move to shut the Geneva energy operation was not part of this plan.
JP Morgan declined to comment.
Oil trading houses and bank commodity trading divisions have been struggling to make significant profits from buying and selling oil due to lower volatility and tighter margins.