Saturday, July 4, 2015

JP Morgan private banker: “We can’t make money anymore…”

Yesterday over coffee, a friend of mine leaked the news that JP Morgan’s private banking division here in Singapore is going to start charging negative interest rates.
I almost fell out of my chair.
He’s a successful hedge fund manager and one of their best customers. So when he received the notice, he rang up his private banker and demanded to know why. (more)

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