JPMorgan Chase is shutting its private banking business in Mexico, according to people with knowledge of the matter, as wealthy clients in some of Latin America’s largest economies move their money to international financial capitals.
The product — a special class of shares in JPMorgan's Empower money market fund — will initially be distributed by the Harbor Bank of Maryland, Liberty Bank & Trust, M&F Bank and Unity National Bank, according to a statement.
Still under fire for financing oil-and-gas exploration, banks are now being criticized for bankrolling producers of the single-use bottles and wrappers that are piling up in landfills and waterways. How will they respond to the mounting pressure from environmentalists?
The bank will start with a mobile checking account for U.K. customers this year, followed by a full slate of products that could include credit cards, mortgages and car loans.
The three banks have joined others in a program endorsed by The Clearing House that aims to make data-sharing agreements with aggregators like Plaid and Finicity work more effectively.
The JPMorgan Chase CEO's total compensation went unchanged at $31.5 million for his work in 2020, a year in which a global pandemic roiled the economy and caused banks to set aside billions to cover future bad loans.
