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Indonesia Cut Ties with JP Morgan

Indonesia Cut Ties with JP Morgan

The Indonesia government has cut business ties with JP Morgan Chase & Co after a equities downgrade by the bank. JP Morgan has several business partnerships with Indonesia, including acting as one of the banks to receive penalty payments from Indonesians in its tax amnesty program.  JP Morgan is one of the largest foreign banks operating in Indonesia.

“The Indonesia government has cut business ties with JP Morgan Chase & Co after a equities downgrade by the bank.”

~ Wall Street Journal

With effect from 1st Jan, the Finance Ministry’s treasury directorate general has said that it will be ending all partnerships with JP Morgan due to research that could affect the stability of the country’s financial system.

Related Reports: Wall Street Journal, Finews Asia

 

About JP Morgan

JPMorgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States. With a history dating back over 200 years, here’s where we stand today:

  • We are a leading global financial services firm with assets of $2.4 trillion.
  • We operate in more than 100 countries.
  • We have over 235,000 employees.
  • We serve millions of consumers, small businesses and many of the world’s most prominent corporate, institutional and government clients.
  • We are a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.
  • Our stock is a component of the Dow Jones Industrial Average.

Visit: JP Morgan Chase & Co

 


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