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Economy
In reply to the discussion: Weekend Economists Sit on a Wall August 23-25, 2013 [View all]xchrom
(108,903 posts)20. JPMorgan curbs business with banks to tighten controls
http://uk.reuters.com/article/2013/08/23/uk-jpmorgan-transactions-idUKBRE97M0Z920130823
(Reuters) - JPMorgan Chase & Co, (JPM.N) the biggest bank in the United States, will not take on more correspondent relationships with foreign banks in a move to comply with orders from regulators to tighten risk controls, including safeguards against money laundering.
The decision was announced in an August 15 memo to employees in the company's Treasury Services unit, according to a person who has seen the memo who asked not to be named as the information is not public.
The decision and existence of the memo were reported by the Wall Street Journal on its web site on Friday.
Correspondent banking has historically been one of JPMorgan's core franchises and the bank has long boasted that it is the bankers' bank, the memo noted. The bank has thousands of correspondent banks with which it moves money from one account to another.
(Reuters) - JPMorgan Chase & Co, (JPM.N) the biggest bank in the United States, will not take on more correspondent relationships with foreign banks in a move to comply with orders from regulators to tighten risk controls, including safeguards against money laundering.
The decision was announced in an August 15 memo to employees in the company's Treasury Services unit, according to a person who has seen the memo who asked not to be named as the information is not public.
The decision and existence of the memo were reported by the Wall Street Journal on its web site on Friday.
Correspondent banking has historically been one of JPMorgan's core franchises and the bank has long boasted that it is the bankers' bank, the memo noted. The bank has thousands of correspondent banks with which it moves money from one account to another.
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