Here’s a table and graph of the past several years of commodity revenues at various US bank holding companies. Here are my takeaways….

• The overall market size has not dramatically changed over the years notwithstanding the media attention on waning commodity revenues at banks;
• The balance sheet utilization for physical inventory has shrunk considerably;
• JP Morgan’s commodity revenues have been on a steady downtrend; Citi on a steady uptrend; GS consistent other than a shocker in 2012 and BoA is a flat out surprise (did they include their lending portfolio?);
• It would be interesting to benchmark these figures against headcount and VaR.