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Mercuria to retain 200, about half of JPMorgan's commodity staff
May 2, 2014 / 4:00 PM / 3 years ago

Mercuria to retain 200, about half of JPMorgan's commodity staff

LONDON, May 2 (Reuters) - Swiss-based commodity trader Mercuria will take around 200 people, about half the staff, of JPMorgan Chase’s physical natural resources arm, a source familiar with the matter said, following its $3.5 billion purchase of the unit.

The other roughly 200 staffers in the business who are not offered jobs will either stay with JPMorgan Chase or be let go, the source said, adding the number could still change.

“Some people have been contacted by Mercuria and others haven‘t. The final numbers will only be known at the last minute,” the source said on Friday.

Bloomberg News, which first reported the 200 headcount figure on Friday, said Mercuria had not yet decided what to do with JPMorgan’s Henry Bath & Sons Ltd metals warehousing business.

A source familiar with the business told Reuters that Henry Bath employs about 25 people full-time.

Brian Marchiony, a spokesman for JPMorgan in New York declined to comment, as did Mercuria spokesman Benoit Lioud in Geneva.

The $3.5 billion deal is expected to catapult Mercuria into the top ranks of privately held global commodity traders, alongside firms such as Vitol and Trafigura.

Last month Mercuria reported a 14 percent rise in revenue and a 7 percent increase in trading volume in 2013, with turnover of $112 billion on 195 million tonnes of traded raw materials. (Reporting by David Sheppard and Susan Thomas in London; editing by Jane Baird)

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