JPMorgan to Outsource $500 Billion Custody Business in Hong Kong and Taiwan
JPMorgan Chase is reportedly planning to outsource its local custody business in Hong Kong and Taiwan, with Citigroup, HSBC, and Standard Chartered in the running for the mandate. The move comes as JPMorgan aims to focus on its global custody services and exit the lower-margin local custodian business in the Asia Pacific region. The bank currently has around $520 billion worth of client assets under custody in Hong Kong and Taiwan. The transition to another bank is expected to be completed by the end of next year.