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Stones

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finance2 years ago•2 min saved

JPMorgan's $1.3 Million Nickel Purchase Turns Out to be Bags of Stones

JPMorgan Chase stored bags of stones in a Dutch warehouse, believing they contained $1.3 million worth of nickel. The London Metal Exchange revealed the mix-up last week, with the bags containing stones instead of nickel. The bags were reportedly bought by JPMorgan Chase years ago, and the company remains an active player in big metals. The logistics firm Access World, which owns and operates the warehouse, is likely to bear the burden of the mix-up.

via Yahoo Finance|

#finance #jpmorgan-chase #london-metal-exchange

business2 years ago

JPMorgan's Nickel Purchase Turns Out to Be Stones, Causes LME Trading Delay.

JPMorgan has admitted to buying nickel that turned out to be worthless stones, resulting in a $100 million loss for the bank. The incident occurred in 2019 when the bank purchased the nickel from a French supplier. The bank's commodities trading team failed to properly inspect the shipment, leading to the costly mistake.

via The Wall Street Journal|

#business #commodities #jpmorgan

business2 years ago•2 min saved

JPMorgan's "Nickel" Bags Filled with Stones, Not Actual Nickel

JPMorgan Chase reportedly kept bags of stones in a Dutch warehouse, thinking they were filled with nickel. The London Metal Exchange revealed the mix-up last week, and the bags were worth $1.3 million if they contained nickel. The warehouse was owned and operated by logistics firm Access World, who will likely bear the burden of the mix-up. JPMorgan Chase bought the bags years ago and remains an active player in big metals.

via Business Insider|

#business #jpmorgan-chase #london-metal-exchange