JPMorgan Eases Lending Rules for Tech Firms, Seeks AI Boom Wealth

JPMorgan Chase is easing its lending rules to attract new clients from high-profile tech firms. The banking giant has relaxed its approach to lending money against shares held by early investors and employees in companies that have recently gone public.

Typically, JPMorgan did not accept shares as collateral in a company that had gone public within the last 135 days. However, it made an exception for SpaceX, allowing lenders to provide financing against its shares even before its initial public offering (IPO) in June. JPMorgan earned $75 million from its role in the SpaceX listing.

The move is seen as a bid by JPMorgan to win business from the wealth generated by the AI boom. The firm's typical policy of waiting longer than 30 days before lending against shares exceeds regulatory requirements, according to JPMorgan. However, Goldman Sachs, which typically waits only 30 days, declined to comment on the matter.