J.P. Morgan to Start Charging Big Clients Fees on Some Deposits
http://www.wsj.com/articles/j-p-morgan-to-start-charging-some-big-clients-deposit-fees-1424743293
J.P. Morgan Chase & Co. is preparing to charge large institutional customers for some deposits, citing new rules that make holding money for the clients too costly, according to a memo reviewed by The Wall Street Journal and people familiar with the plan.
The largest U.S. bank by assets is aiming to reduce the affected deposits by up to $100 billion by the end of 2015, according to a bank presentation Tuesday morning.
The move is the latest in a series of steps large global banks have been discussing in recent months to discourage certain deposits due to new regulations and low interest rates.
J.P. Morgan’s steps are among the most detailed and widespread.
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