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The Federal Open Market Committee Wednesday voted to raise federal interest rates from nearly zero for the first time since 2008, meeting market expectations but ushering in a new and uncertain normal for the banking industry.
December 16 -
Bank officials say they are ready for rising rates; disagree on how much the initial increase would help or hurt lending and the economy; and predict more rate increases next year.
December 16 -
Banks better get ready for a quick, steep increase in deposit costs after the Fed raises rates. Technology, new regulations and other factors have changed the slower-paced retail-banking game of old, JPMorgan Chase executives say.
July 14
The Federal Reserve's decision to raise interest rates for the first time in nearly a decade is said to be prompting at least one large bank to boost the rates it pays to depositors.
The Wall Street Journal reported Monday that JPMorgan Chase will increase rates for its largest clients beginning in January, citing a person familiar with the matter. The story did not say how large the increase would be.
Though
JPMorgan Chase officials weren't immediately available for comment, but its chief financial officer, Marianne Lake, said earlier this year that
It remains to be seen if other large banks follow suit. Other banks contacted by the Journal, including Wells Fargo, Citigroup and Bank of America, said they have yet to adjust deposit rates.
