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JPMorgan to Close Foreign Retail Clients' Investment Accounts
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In order to increase focus toward core domestic business, JPMorgan Chase & Co. (JPM - Free Report) has decided to shut investment accounts for retail clients that do not live in the United States, per Bloomberg.
Elizabeth Seymour, a spokeswoman for JPMorgan informed, “After careful review, we’ve decided to no longer service Chase retail investment accounts to non-U.S. residents.”
According to people familiar with the matter, retail customers, residing in about 50 countries outside the United States, will no longer be allowed to keep their investment accounts with International Financial Services with the bank. However, these customers will not be barred from keeping deposit accounts with the bank.
Notably, the company’s private-bank customers will not be affected by this change. According to a person familiar with the matter, less than 1% of the banks’ retail investment accounts and assets are likely to be affected.
The bank’s division that handles and serves retail clients had nearly $283.7 billion in client investment assets at the end of June, according to a filing.
JPMorgan has already begun informing some of its affected clients of the planned exit. According to Bloomberg, which has seen a notice issued by Chase Wealth Management, JPMorgan has already informed its retail clients in Mexico about the change and has told those clients that it is planning to close investment accounts and might liquidate the account assets if they are not moved by Nov 1, 2018.
This decision of JPMorgan is expected to enhance its long-term efficiency. In fact, driven by higher rates and rising loan demand, the company remains well positioned for top-line growth in the future.
Notably, the company’s efforts to expand into new markets and focus on strengthening the card business will likely benefit its financials.
A few stocks from the same industry as JPMorgan are Comerica Incorporated (CMA - Free Report) , SunTrust Banks, Inc. (STI - Free Report) and KeyCorp (KEY - Free Report) .
Comerica’s earnings estimates for the current year have been revised upward over the past 60 days. Its shares have gained more than 30% over the past year.
SunTrust has also been witnessing upward earnings estimate revision for the current year over the past 60 days. Its shares have gained nearly 24% in the past 12 months.
KeyCorp’s earnings estimates for the current year have been revised upward over the past 60 days. Its shares have gained more than 17% over the past year.
Looking for Stocks With Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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JPMorgan to Close Foreign Retail Clients' Investment Accounts
In order to increase focus toward core domestic business, JPMorgan Chase & Co. (JPM - Free Report) has decided to shut investment accounts for retail clients that do not live in the United States, per Bloomberg.
Elizabeth Seymour, a spokeswoman for JPMorgan informed, “After careful review, we’ve decided to no longer service Chase retail investment accounts to non-U.S. residents.”
According to people familiar with the matter, retail customers, residing in about 50 countries outside the United States, will no longer be allowed to keep their investment accounts with International Financial Services with the bank. However, these customers will not be barred from keeping deposit accounts with the bank.
Notably, the company’s private-bank customers will not be affected by this change. According to a person familiar with the matter, less than 1% of the banks’ retail investment accounts and assets are likely to be affected.
The bank’s division that handles and serves retail clients had nearly $283.7 billion in client investment assets at the end of June, according to a filing.
JPMorgan has already begun informing some of its affected clients of the planned exit. According to Bloomberg, which has seen a notice issued by Chase Wealth Management, JPMorgan has already informed its retail clients in Mexico about the change and has told those clients that it is planning to close investment accounts and might liquidate the account assets if they are not moved by Nov 1, 2018.
This decision of JPMorgan is expected to enhance its long-term efficiency. In fact, driven by higher rates and rising loan demand, the company remains well positioned for top-line growth in the future.
Notably, the company’s efforts to expand into new markets and focus on strengthening the card business will likely benefit its financials.
A few stocks from the same industry as JPMorgan are Comerica Incorporated (CMA - Free Report) , SunTrust Banks, Inc. (STI - Free Report) and KeyCorp (KEY - Free Report) .
Comerica’s earnings estimates for the current year have been revised upward over the past 60 days. Its shares have gained more than 30% over the past year.
SunTrust has also been witnessing upward earnings estimate revision for the current year over the past 60 days. Its shares have gained nearly 24% in the past 12 months.
KeyCorp’s earnings estimates for the current year have been revised upward over the past 60 days. Its shares have gained more than 17% over the past year.
Looking for Stocks With Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>