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JPMorgan Closes Foreign Accounts, Squeezes Diplomats’ Cash Flow

The decision of JPMorgan Chase & Co. and several other banks to close accounts of foreign embassies and United Nations missions is creating a cash-flow pinch for diplomats in the U.S. with bills to pay and payrolls to meet.

“It is a problem,” South Africa’s Ambassador Baso Sangqu said yesterday. “We cannot get banking services. We are shopping around.”