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JPMorgan to outsource local custody business in HK, Taiwan



JPMorgan Chase is moving to outsource its local custody operations in Hong Kong and Taiwan, with Citigroup, HSBC, and Standard Chartered as potential contenders, Reuters reported, citing informed sources. The bank, a global custody giant, is in talks to transfer these operations, though financial details remain undisclosed. Local custody, differing from global custody, focuses on specific market transactions and client account management. JPMorgan currently holds about USD520bn in client assets under custody in these two markets. The transition, aimed for completion by next year's end, signifies JPMorgan's exit from the local custody business in Asia Pacific. This move follows similar exits from Australia and South Korea, driven by declining assets and reduced profitability in these lower-margin segments.

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