JPMorgan Chase (JPM) plans to sell or spin off its physical commodities unit, as regulatory scrutiny on big banks' commodities holdings and trading operations mounts.

The nation's largest bank said Friday afternoon that it has concluded an internal review and "is pursuing strategic alternatives" for the unit, which includes investments in energy and other commodities, as well as physical trading operations. Those alternatives could include an outright sale, a spin off or a strategic partnership for the business, JPMorgan said.

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