US bankers must sell warehouses by 2020
May 07, 2012 | 11:00 PM
Goldman Sachs and JP Morgan will both have to divest their warehousing subsidiaries by 2020 under the US Bank Holding Company Act.
Goldman Sachs bought London Metal Exchange warehousing company Metro in February 2010, while JP Morgan acquired Henry Bath in the same month as part of its purchase of Sempra’s metal trading business.
However, as banks – or, more accurately, bank holding companies – both JP Morgan and Goldman Sachs fall under the auspices of the 1956 US congressional act and its subsequent amendments that regulate merchant banking investments, among other activities.
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