updated 1/15/2014 3:53:12 PM ET 2014-01-15T20:53:12

NEW YORK (Reuters) - The U.S. Federal Reserve has given JPMorgan Chase & Co an "ultimate time limit" for selling its Henry Bath warehousing unit, a regulatory executive at the U.S. central bank told a Senate banking committee hearing on Wednesday.

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Michael Gibson, Fed director of bank supervision and regulation, did not say when the deadline was for divesting the business.

In November, Reuters reported that the Fed was pressing the bank to distance itself from the metals warehousing business in June 2012 when it balked at the bank's request to turn the assets into a strictly arms-length financial investment.

On Wednesday, Gibson confirmed the bank has been submitting quarterly reports on its progress in selling the business.

In July 2013, JPMorgan announced plans to sell the whole of its physical commodities business, which includes Henry Bath.

(Reporting by Josephine Mason. Editing by Andre Grenon)

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