Dec 28 (Reuters) - JPMorgan Chase & Co will begin raising deposit rates for some of its biggest clients in January, the Wall Street Journal reported, citing a person familiar with the matter.
The bank's deposit-rate increase will affect most institutional clients and the size of the increases will vary, the Journal reported, citing the person. (on.wsj.com/1QSvVPE)
Earlier this month, major U.S. banks raised their prime rates, a benchmark for a wide range of consumer and commercial loans, for the first time since 2006, following a rate hike from the Federal Reserve.
JPMorgan did not immediately respond to a request for comment. (Reporting By Sudarshan Varadhan in Bengaluru; Editing by Anil D’Silva)