JPMorgan Hires Former Glencore Crude Trader

JPMorgan Chase & Co has hired Edwin Tay, formerly with Glencore, as a senior crude oil trader in Singapore, industry sources said on Wednesday.

Tay starts with the U.S. bank in January, they said. JPMorgan declined comment.

JPMorgan completed the sale of its multibillion-dollar physical commodities unit to Mercuria last year. The divestment was due to rising regulatory and political pressure in the United States while the bank wanted to focus on its core business of lending.

Reporting by Florence Tan