It looks like investment banking giant JPMorgan Chase & Co is cutting back, if two separate developments this week are anything to go by. Among those hit with a reduction in investment is RSA Insurance Group.
A report by Alliance News said JPMorgan Chase’s interest in the insurer has fallen below the minimum threshold. Previously, the shareholder held a 5% stake in RSA.
Meanwhile the investment bank has also reduced its holding in another firm.
Citing a statement by Bid Corp, Reuters noted a stake disposal by JPMorgan Chase. From 11.4%, the latter’s entire beneficial interest in the South African company now stands at 9.47%.
The reasons for the investment cuts were not specified.