See Local News
Get Balanced News From Your U.S. State.
See Local News
See all locals

JPMorgan to outsource $500 bln custody business in Hong Kong, Taiwan - sources

Posted on AllSides December 12th, 2023
From The Center
REUTERS/Stephanie Keith/File Photo

JPMorgan Chase (JPM.N) is set to outsource the operations of its local custody business in Hong Kong and Taiwan with Citigroup (C.N), HSBC (HSBA.L) and Standard Chartered (STAN.L) in the race for the mandate, two sources with knowledge of the matter said.

The Wall Street bank, the world's third-largest global custodian, is in the process of selecting another bank to take over the local custodian operations in Hong Kong and Taiwan, said the sources.

Financial details of the deal were not immediately known.

Local custody business takes care of transactions and runs the book for clients when...

Read full story

AllSides Picks

More News about Economy and Jobs from the Left, Center and Right

From the Left

From the Center

From the Right