A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segarsaid on Wednesday it would raise its prime rate by 50 basis points to 4%, effective Thursday.
The decision comes after the U.S. Federal Reserve raised its overnight interest rate by half a percentage point, the biggest jump in 22 years.Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaSign up to our investor newsletter to get the latest news and trends in global financial markets.
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