December 28, 2015 / 9:16 PM / 4 years ago

UPDATE 1-JPMorgan to raise deposit rates for some big clients in Jan -WSJ

(Adds comments from BofA, Wells Fargo and Citigroup)

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.

Spokesmen for Bank of America Corp, Citigroup Inc and Wells Fargo & Co said the banks had not raised deposit rates. (Reporting By Sudarshan Varadhan in Bengaluru; Editing by Anil D’Silva)

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