J.P. Morgan shuts up UK transfer agency shop
04 February 2014 London
Image: Shutterstock
J.P. Morgan has closed the shutters on its UK transfer agency business.
A spokesperson from the bank declined to comment, but a source said that the division’s small size was reason for the closure.
The source added that the decision was announced a year ago internally, but that action is still being taken to wind the business down. They added that it is not thought that there will be any redundancies.
The firm’s Luxembourg and Dublin operations are still in operation. While J.P. Morgan’s three locations were still in action, the bank reported that 400 operations staff were employed, assets under administration were $500 billion, and 3 million investor trades were processed every year.
A spokesperson from the bank declined to comment, but a source said that the division’s small size was reason for the closure.
The source added that the decision was announced a year ago internally, but that action is still being taken to wind the business down. They added that it is not thought that there will be any redundancies.
The firm’s Luxembourg and Dublin operations are still in operation. While J.P. Morgan’s three locations were still in action, the bank reported that 400 operations staff were employed, assets under administration were $500 billion, and 3 million investor trades were processed every year.
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