JPMorgan Chase & Co. has announced plans to shut down its securities operations in Turkey. The bank's subsidiary, JPMorgan Menkul Degerler AS, will stop its capital market activities and lose its intermediary status, pending approval from the Capital Markets Board. The decision was disclosed in an exchange filing on Bloomberg Terminal, but no specific reason was provided for the move.
The closure marks a significant shift for JPMorgan's presence in Turkey, where it has maintained a securities unit. The process will proceed once regulatory approval is secured, though the timeline for this remains unclear. The bank's decision could impact its clients and employees in the region, though no details on these effects were shared.