NEW YORK, Oct. 9 (UPI) -- U.S. bank JPMorgan Chase is looking for a buyer for its commodities business, which it values at $3.3 billion, sources told The Wall Street Journal.
The bank says the business, including trading inventories and storage units, creates $750 million in income each year before compensation costs..
Compensation to staff is generally about half the revenue, the Journal said.
The bank is expecting offers before the end of the month, sources told the Journal.
JPMorgan is willing to sell the business to one customer or break it down into various divisions, which include North American power, North American natural gas, European power and gas and other commodity groups, the most valuable of which is global crude oil, valued at $1.7 billion.
Crude is followed by North American natural gas, valued at $800 million and base metals, valued at $500 million, the Journal said.
Two of the assets open to question are JPMorgan Chase executives Blythe Masters and Paul Posoli, who run the business.
A 90-page book does not mention the executives, but sources said that in private conversations, the bank has said it is willing to part with the executives to sweeten the deal.
A bank spokesman turned down and offer to comment on the matter.
JPMorgan is seeking to exit the business in advance of new regulations expected soon from the U.S. Federal Reserve, the newspaper said.