BoNY completes JPMorgan trust purchase

The Bank of New York (BoNY) has completed its acquisition of JPMorgan ChaseÆs corporate trust franchise, giving it access to both domestic and cross-border elements of the business and adding a significant headcount in Asia. The transaction, which was first announced in April, will strengthen BoNYÆs position in the corporate trust world in the US and internationally, servicing a combined client base with $8 trillion in total debt outstanding in 20 countries. In Asia, BoNY picks up fiv…