JP Morgan private banker: “We can’t make money anymore…”

1EarthUnited

JP-Morgan-logo

July 1, 2015
Singapore

Yesterday over coffee, a friend of mine leaked the news that JP Morgan’s private banking division here in Singapore is going to start charging negative interest rates.

I almost fell out of my chair.

He’s a successful hedge fund manager and one of their best customers. So when he received the notice, he rang up his private banker and demanded to know why.

Between ridiculously low interest rates (banks are closing loans here for 0.9% or lower) and the increasing costs of compliance, “we can’t make money anymore…” was the response.

It certainly paints a clear picture of how screwed up the entire financial system is.

Compliance is a major component in this. Bankers around the world are buried up to their eyeballs in paperwork and regulations now.

They can’t make a move or approve a single transaction without first doing anti-money laundering, terrorist financing, and…

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