According to Zacks Equity Research, JPMorgan is not the only bank shutting down its operations in Asia.
KUALA LUMPUR: JPMorgan Chase & Co, a leading global financial services firm with assets worth US$2.3 trillion (RM7 trillion), is planning to shut down its retail banking operations in Malaysia, according to Zacks Equity Research.
According to the investment research house, JPMorgan is aiming to limit its retail banking operations worldwide with a major focus on domestic markets, but is willing to continue with its wholesale banking operations globally.
“The Malaysian retail banking is JPMorgan’s only retail presence in Asia. However, the closure of this unit is unlikely to affect the company’s overall business in the region, given its small size,” Zacks said.
Besides retail banking, JPMorgan offers a wide range of other banking services in Malaysia, including investment banking, equities trading, treasury and security services, as well as corporate banking.