JP Morgan slashes UK exposures ahead of Brexit
Derivatives and securities exposures halved since June 2016
JP Morgan has cut loans, derivatives and securities exposures to the UK by 29%, to $38.2 billion from $53.9 billion, since end-June 2016, Risk Quantum analysis shows.
Net derivatives, repo and securities exposures fell 52%, to $9.4 billion from $19.4 billion, and lending and deposits by 17%, to $28.8 billion from $34.5 billion.
The next two largest US banks also pared back on derivatives and repo exposures, but in contrast to JP Morgan they increased their lending commitments.
Citigroup cut
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