NEW YORK Jan 15 The U.S. Federal Reserve has
given JPMorgan Chase & Co an "ultimate time limit" for
selling its Henry Bath warehousing unit, a regulatory executive
at the U.S. central bank told a Senate banking committee hearing
Michael Gibson, Fed director of bank supervision and
regulation, did not say when the deadline was for divesting the
In November, Reuters reported that the Fed was pressing the
bank to distance itself from the metals warehousing business in
June 2012 when it balked at the bank's request to turn the
assets into a strictly arms-length financial investment.
On Wednesday, Gibson confirmed the bank has been submitting
quarterly reports on its progress in selling the business.
In July 2013, JPMorgan announced plans to sell the whole of
its physical commodities business, which includes Henry Bath.