JPMorgan Chase and Goldman Sachs are seeking to sell their metal warehousing units just three years after their controversial entry to the industry, even as a proposed rule change by the London Metal Exchange is likely to reduce the attractiveness of the business.

The two US banks got in to the niche warehousing business in 2010 at a time when a build-up in stocks following the financial crisis had triggered a boom for storage companies. But their ownership of warehouses struck a nerve when metal users began complaining that warehousing companies were profiting from bottlenecks in the system that have distorted prices.

Both banks have informally started sounding out buyers for their warehousing subsidiaries in recent months, people familiar with the matter told the Financial Times. Many investment banks are scaling back their ambitions in commodities because tougher regulations, greater competition and lower volatility have hit profits. The Federal Reserve is also weighing whether banks should even be allowed to own physical commodities infrastructure, such as warehouses.