JPMorgan Discontinues Clearing Services for 500 Non-U.S. Banks

JPMorgan Chase & Co. (JPM), the largest U.S. lender, said it will halt clearing services for about 500 foreign banks and discontinue checking accounts for “politically exposed persons” in other nations.

The changes are part of a strategy of “de-risking through client selection,” the New York-based bank said today in a presentation on its website.

To contact the reporter on this story: Hugh Son in New York at Hson2@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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