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JPMorgan combining 2 payments divisions to create 1 wholesale payments unit

JPMorgan Chase & Co. plans to merge its two businesses, Chase Merchant Services and the Treasury Services division of its Corporate and Investment Bank, into a single wholesale payments division, reported the Financial Times.

This information about the merger between the payment operations division for small businesses and the platform catering to some large global institutions was sent internally by memo to JPMorgan staff Jan. 17.