(17 January 2006 – USA/Europe) Deutsche Bank is set to buy JPMorgan Chase’s depository and clearing business once the deal has received the regulatory green light.JPMorgan’s clearing business holds assets of more than US$180 billion and handles paper worth some US$30 billion each day.
The price of the deal, which will see some 30 JPMorgan employees move across to Deutsche, has not been disclosed.
JPMorgan inherited the clearing centre when it bought BankOne in 2004.
The centre provides issuing, clearing and settlement services as well as custodial services for certificates of deposits in US dollars, euros and sterling, among other currencies.
Deutsche said the acquisition rounded off its portfolio.
JPMorgan said it wished to concentrate on its international commercial paper business.