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To cut costs, JPMorgan is shutting down its government securities settlement services business.
JPMorgan is exiting its narrowly focused, government securities settlement services business, which includes Treasury and agency bonds, ending support for approximately 30 clients, bank officials confirm. The clients affected use the bank’s broker-dealer channel and JPMorgan then uses the Federal Reserve’s securities transfer system. While some news outlets recently reported that JPMorgan would be leaving...
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