The potential charges, says Marianne Lake, CEO of consumer and community banking at JPMorgan, are a result of new regulatory rules that cap overdraft and late fees. Lake says Chase will be passing along those increased expenses to customers, which would put an end to now-free services such as checking accounts and wealth management tools. And she says she expects other banks will follow suit.
Did someone say Bank Run? Divestment?
Rumours are it’s already happening. I have a friend at the bank, says the chiefs of staff and assistances to the board have already sold their shares!