JPMorgan to Outsource $500 Billion Custody Business in Hong Kong and Taiwan, Reuters Reports
December 11 2023 - 11:29PM
Dow Jones News
--JPMorgan plans to fully exit the local custodian business in
Asia-Pacific by finding another bank to take on its Hong Kong and
Taiwan custody operations, with Citigroup and Standard Chartered
among the candidates, Reuters reports, citing unnamed sources.
--The U.S. bank has about $520 billion worth of client assets
under custody as a local custodian in the two markets and plans to
complete the transition by the end of 2024, according to
Reuters.
Full story: tinyurl.com/2p9ch7as
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
December 12, 2023 00:14 ET (05:14 GMT)
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