Indonesia Cuts JPMorgan Ties After Bank Downgrades Equities
- JPMorgan downgraded equities to underweight after Trump win
- Bank says it’s trying to resolve matter with finance ministry
Why Indonesia Is Cutting Ties With JPMorgan
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Indonesia’s government said it terminated all business partnerships with JPMorgan Chase & Co. after the U.S. bank downgraded its assessment of equities in Southeast Asia’s largest economy following Donald Trump’s election win.
The finance ministry will stop using JPMorgan as a primary dealer and as an underwriter of its sovereign bonds, Robert Pakpahan, the ministry’s director-general for budget financing and risk management told reporters in Jakarta on Tuesday. He said a November research report issued by the bank was not "accurate or credible."