http://www.sovereignman.com/trends/jp-morgan-private-banker-we-cant-make-money-anymore-17208/
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.
Between ridiculously low interest rates (banks are closing loans here
for 0.9% or lower) and the increasing costs of compliance, “we can’t
make money anymore…” was the response.
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