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JPMorgan to Charge Fees on Certain Deposits

Memo suggests institutional clients will be charged for certain deposits due to new capital requirements.

By Ambereen Choudhury, Bloomberg | Updated on February 25, 2015

JPMorgan Chase & Co. plans to charge institutional clients such as hedge funds for certain deposits as tougher regulations require banks to hold more capital against some funds, according to a memo.

The world’s largest investment bank plans to reduce its non-operating deposits, or extra cash held in client accounts, which have become a “costly and inefficient use of our balance sheet,” JPMorgan said in a memo seen by Bloomberg News and confirmed by a spokesman in London. The bank will encourage other products, while likely charging for some deposits and asking some clients to hold their money at a different firm.

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