JPMorgan To Raise Deposit Rates For Some Big Clients

JPMorgan Chase & Co will begin raising deposit rates for some of its biggest clients in January, the Wall Street Journal reported, citing a person familiar with the matter.

The bank’s deposit-rate increase will affect most institutional clients and the size of the increases will vary, the Journal reported, citing the person.

Earlier this month, major U.S. banks raised their prime rates, a benchmark for a wide range of consumer and commercial loans, for the first time since 2006, following a rate hike from the Federal Reserve.

JPMorgan did not immediately respond to a request for comment.

Spokesmen for Bank of America Corp (BAC.N), Citigroup Inc (C.N) and Wells Fargo & Co (WFC.N) said the banks had not raised deposit rates.

(Reporting By Sudarshan Varadhan in Bengaluru; Editing by Anil D'Silva)