LONDON: JPMorgan has earned record revenue of around US$1 billion so far this year from trading, storing and financing precious metals, vastly outperforming rival banks, two sources familiar with the matter told Reuters.
Its commodities division is on track to bring in more than US$1.5 billion this year and could challenge Goldman Sachs for the title of top earner, the sources said.Individual investment banks have rarely made more than US$1 billion in commodities in recent years, and none has ever before earned more than around US$600 million in precious metals in a single year, said George Kuznetsov at McKinsey CIB Insights.
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