JPMorgan Chase & Co. will stop servicing Chase retail investment accounts of non-U.S. customers and will focus instead on its domestic business, Bloomberg News reported Aug. 13, citing spokeswoman Elizabeth Seymour.
Foreign retail bank customers' investment accounts with International Financial Services will be closed, unnamed sources told Bloomberg News, adding that employees of the business are already being offered new positions. The affected accounts represent less than 1% of Chase retail investment accounts and assets.
JPMorgan has already informed some clients in Mexico about the planned business exit and said it may liquidate account assets if not moved by Nov. 1, the news agency reported, citing a notice from Chase Wealth Management.
The move does not affect the company's private bank clients and the deposit accounts of foreign retail bank customers, the report added.