Macquarie could buy JPMorgan unit

Investment bank a shortlisted bidder for physical commodities business.

Investment bank Macquarie Group (MQG) is a shortlisted bidder for JPMorgan Chase's physical commodities business, with a sale price estimated at up to $US2 billion ($A2.21 billion), CNBC reports.

According to the publication, private equity firm Blackstone Group and investment company Castleton Commodities International are also set to make final offers, with JPMorgan hoping to make a decision by the end of January.

JPMorgan's physical commodities assets include a global metal warehouse network, energy supply agreements and power plants.

The bank's commodities head Blythe Masters and some of her senior team members may leave the bank when the assets are sold to oversee them on behalf of the new owner, CNBC reports.

JPMorgan's fourth-quarter earnings beat expectations but still fell 7.3%.