JPMorgan earned record revenue of around $1 billion so far this year from trading, storing and financing precious metals, vastly outperforming rival banks, reports Reuters.
The U.S. bank's revenue by mid-November accounts for at least half of the $1.7 billion to $2 billion the top 10 investment banks combined will make this year from precious metals, mostly gold, estimates consultancy McKinsey CIB Insights.
Its commodities division is on track to bring in more than $1.5 billion this year and could challenge Goldman Sachs for the title of top earner, the sources said.
Data from CME Group, which runs Comex, show JPMorgan's clients accounted for one-third of all trade in gold bars registered with the exchange in October, and more than two fifths in June.
Like other big banks, JPMorgan was able to get and ship metal cheaply and in large quantities when other, smaller traders could not, sources said.
See the whole article on Reuters here: https://www.reuters.com/article/us-precious-revenue-jpmorgan-exclusive-idUSKBN2831N5
Like other big banks, JPMorgan was able to get and ship metal cheaply and in large quantities when other, smaller traders could not, sources said.
See the whole article on Reuters here: https://www.reuters.com/article/us-precious-revenue-jpmorgan-exclusive-idUSKBN2831N5
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