4 Financial Stock Stories Gaining Thursday Traction
JPMorgan Chase & Co. (NYSE:JPM): Current price $53.99
According to JPMorgan, news reports emerging on the Internet that it is exerting new capital controls on certain bank accounts represent an overreaction to a “streamlining” and “derisking” process the big bank says has been ongoing for several months. The reports say that the bank has elected to limit cash withdrawals and wire transfers for certain business customers commencing on November 17, including Chase Business Select checking and Chase Business Classic checking.
The bank has sent letters to certain customers that said they will be unable to send and receive domestic and international wire transfers, and also that, “cash activity” will be limited to $50,000 per statement cycle, including night drops, cash deposits, and ATM and cash withdrawals.