What next for the 'Wall Street Refiners' as JPM exits physical commodities?

As JPMorgan Chase & Co (JPM.N) prepares to exit physical commodities trading, the spotlight is turning to the future of the two banks that have dominated Wall Street's involvement in the natural resources supply chain for 30 years.
Goldman Sachs (GS.N) and Morgan Stanley (MS.N) two decades ago became known as the 'Wall Street Refiners' for their mastery of both financial and physical commodities.
But since 2012 Morgan Stanley has looked at selling its commodity arm and Goldman has made moves to scale back its physical operations.
Letters between the banks and the Federal Reserve, received by Reuters under the Freedom of Information Act, show both banks are in discussions on conforming or divesting activities that fall outside the normal scope of commercial banks.

http://www.reuters.com/article/2013/07/29/us-banks-commodities-wallstrefiners-anal-idUSBRE96S05D20130729