JPMorgan to Raise Deposit Rates for Some Big Clients

December 29, 2015, 9:56 AM ET

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NEW YORK, NY - OCTOBER 02: People pass a sign for JPMorgan Chase & Co. at it's headquarters in Manhattan on October 2, 2012 in New York City. New York Attorney General Eric Schneiderman has filed a civil lawsuit against JPMorgan Chase alleging widespread fraud in the way that mortgages were packaged and sold to investors in the days that lead-up to the financial crisis. The allegations, which were filed in New York State Supreme Court, concern business that transpired during 2006 and 2007 at a now-defunct Bear Stearns, the failed Wall Street firm which was purchased in 2008 by JPMorgan Chase. (Photo by Spencer Platt/Getty Images)Photograph by Spencer Platt via Getty Images

JPMorgan Chase & Co (JPM) 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.

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.

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