Oct 8 JPMorgan Chase & Co is looking to
cut back on lending to businesses it sees as posing risks to its
reputation amid a period of heightened regulatory scrutiny, the
Wall Street Journal reported, citing people close to the
The biggest U.S. bank has launched an internal review of its
commercial-lending clients that could result in the elimination
of relationships with companies such as pawn shops, payday
lenders, check cashers and some car dealerships, the business
The process could cut hundreds of millions of dollars from
the bank's annual revenue, the Journal quoted one of the people
as saying. ()
A JPMorgan spokesman could not be immediately reached for
comment outside regular U.S. business hours.
The move comes at a time when big banks are under pressure
to improve anti-money laundering controls and authorities in New
York have sought to rein in payday lenders.
JPMorgan is also in talks with government officials to
settle federal and state mortgage probes for $11 billion.
In other moves aimed at reducing complexity and risks in its
business, JPMorgan has recently pulled away from student lending
and decided to exit its physical commodities business.