Financial Business Recap: JPMorgan’s Division REMAKE, European Banks Still With IRAN
JPMorgan Chase & Co. (NYSE:JPM) has initiated a reconfiguration of its corporate and investment banking business for the second time in the past three months, splitting the division between banking and market and investor services, says an internal memo. The longtime chief of the equities unit Carlos Hernandez will now lead Investor Services, which serves institutional investors.
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Top European banks that continue to maintain active business ties with Iran, include Deutsche Bank AG (NYSE:DB), HSBC Holdings PLC (NYSE:HBC), Banco Santander S.A. (NYSE:SAN), and ING Groep N.V. (NYSE:ING) according to a review by the Wall Street Journal, which also shows that some of the companies have been forced to pay huge fines for their actions. Banks still handle billions of euros in long-term contracts, but several say that they are not seeking business and are attempting to conclude their existing relationships.
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