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Funds Flee Morgan, Goldman for JPMorgan

New York Post – The JPMorgan Chase CEO is seeing the coffers of the bank he runs being filled with "billions of dollars a day" coming from hedge funds that have pulled their cash from Morgan Stanley and Goldman Sachs, according to several large hedge-fund managers and other Wall Street sources.

The flood of new business has actually caused a bottleneck at the banking giant, as the prime brokerage unit scrambles to quickly conduct due diligence and credit checks to set up new clients, a source close to the bank said.

Most of JPMorgan’s new clients are being serviced through the old Bear Stearns prime brokerage force, which was a key part of Dimon’s acquisition of the fallen brokerage firm.

A spokesman for JPMorgan confirmed that the bank has seen a significant jump in volume and "they are managing it well."

He also said the bank is maintaining firm due diligence and credit-review procedures.

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