The U.S. largest bank still plans to perform"traditional” activities in commodities such as financing, hedging, trading warrants on the London Metal Exchange and the vaulting of precious metals.
Value of low-grade ore stockpile at the Peñasquito mine dropped, raising average costs by $64/oz. and negatively affecting adjusted earnings by $0.04/share.
Analysts say only a business-friendly appointment followed by credible action to strengthen the fiscal accounts and control inflation would reassure markets.