JPMorgan Chase & Co is set to charge large institutional customers for some deposits, citing new rules that make holding money for the clients too costly, the Wall Street Journal reported, citing people familiar with the matter.
The plan won't affect the bank's retail customers but will affect some corporate clients and financial firms, including hedge funds, private-equity firms and foreign banks, the Journal said, citing a memo.
Specifics of the plan are likely to be unveiled on Tuesday at the bank's annual strategy outlook with investors, the newspaper said.
Representatives at JPMorgan were not immediately available for comment outside regular U.S. business hours.
