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Revenue in its bond, currencies and commodities business dropped by half in the quarter.
BANKS, harried by regulators and short of capital, are fleeing the commodities business.
The report said Glencore is in talks to sell a stake in its agricultural commodities business.
The two were bound by their belief that the commodities business was critical to JPMorgan's growth.
In the meantime, Barclays confirmed to staff that it was scaling back its global commodities business.
"That's the nature of the commodities business," said Zach Wagner, an analyst with Edward Jones & Company.
He was attracted to the "entrepreneurial spirit" of the commodities business after arriving from Paris.
"For most of the industry, it's a commodities business, very price sensitive," he said.
A few big commodity-focused hedge funds have closed and several investment banks are getting out of the commodities business.
He mentions loans to firms in the energy and commodities business as another promising field where banks are pulling back.
Mr. Hendel subsequently helped start Hess Energy Trading Company, a private, international commodities business where he is a managing director.
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