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JPMorgan to get most of Deutsche Bank's hedge fund business (updated)

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

JPMorgan Chase (NYSE:JPM) wins most of Deutsche Bank's (NYSE:DB) hedge fund business, Business Insider reports.

JPMorgan received as much as $40B in new assets from the unit, Business Insider reports, citing people familiar with the matter.

Barclays (NYSE:BCS), which was seen as an early winner, now appears rank behind JPMorgan.

Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), and Citigroup (NYSE:C) have acquired billions from Deutsche Bank balances.

About $75B of the $200B in balances still remain.

via Bloomberg First Word.

In July, Germany's largest lender announced a sweeping restructuring plan in which it will exit the global equities business, scale back its investment bank and trim fixed income operations, cutting 18,000 jobs in the process.

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