JPMorgan Chase & Co may cut down on its domestic correspondent banking business, as it scans its relationship with several hundred of domestic correspondent banking clients, Wall Street Journal reported, citing people familiar with the matter. The report cited its sources as saying the bank started the review in January and is examining its relationship with domestic correspondent clients, for which it clears payments and processes other transactions.JPMorgan has stopped soliciting new business from its few hundred clients and has also stopped accepting new clients until the review is complete, the Journal reported, citing people familiar with the matter.It said the companies under review include Citigroup Inc unit Banamex USA, according to the report. Banamex is already facing investigation by Mexico's National Bank and Securities Commission for fraudulent loans.JPMorgan and Citigroup could not be reached for comment outside usual U.S. business hours. (r.reuters.com/wyw29v)
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C fell by 0.32% or $-0.15/share to $46.99. In the past year, the shares have traded as low as $45.06 and as high as $55.28. On average, 25869500 shares of C exchange hands on a given day and today's volume is recorded at 15185788.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 0.64% or $-0.35/share to $54.01. In the past year, the shares have traded as low as $48.61 and as high as $61.48. On average, 18927600 shares of JPM exchange hands on a given day and today's volume is recorded at 12366481.
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