JPMorgan Chase & Co has dropped or cut credit lines to a large number of Indian metals clients, sending them looking for new brokers, the head of Nanhua Financial UK told Reuters.
has dropped or cut credit lines to a large number of Indian metals clients, sending them looking for new brokers, the head of Nanhua Financial UK told Reuters.to customers in Europe and Asia after a review of risk, according to sources close to the situation.
"Loads of Indian clients have enquired because JP Morgan cancelled their accounts," said Nong Yan, chief executive of Nanhua Financial UK, the British arm of one of the biggest future brokers in China.In some cases the Indian clients had large credit lines with JP Morgan that her brokerage was not able to match, but Nanhua was doing its best to accommodate them for their hedging requirements, Yan added.
Bloomberg News reported on Thursday that JP Morgan had made deep cuts to its metals business and slashed bonuses of its bankers after last year's nickel crisis, citing people familiar with the matter.Broker Marex Financial has also been picking up new clients as JP Morgan and other banks reduce their exposure to metals and commodities, its chief executive said.
"It's not just JP Morgan, all of these banks are sharpening their focus. The broad trend is for them to focus on their very largest clients," Ian Lowitt told Reuters.and a successful takeover have boosted the potential for a listing of Marex when markets recover, Lowitt said . JPMorgan's metals business has been under strict internal scrutiny due to the bank's role in the upheaval last year, when the London Metal Exchange was forced toThe surge was attributed to China's Tsingshan Holding Group buying large amounts of nickel to reduce its short positions in the metal.
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