Chase Bank owned by JPMorgan who are still in Russia.

nonlinear

The Chase 1.5% savings account is attracting a lot of attention. I nearly opened an account myself, however after a quick bit of research I have decided not to.
The Yale Business School maintain a list of showing how companies have responded to Russia's invasion of Ukraine. Chase are part of JPMorgan, who Yale rate as a C, 
 "Companies that are scaling back some significant business operations but continuing some others...". I know these are complex issues, but personally that's not good enough. 
The full list is here:
https://som.yale.edu/story/2022/over-500-companies-have-withdrawn-russia-some-remain

masonic

Surely helping Chase to lose money through the payment of loss leading incentives is even better than boycotting them.

Daliah

I was going to say, Chase UK is not making any money out of us savers. We, however, make money from them.


Not trying to defend the continued operation of their parent company in Russia in any way, I hasten to add

nonlinear

They would not going to be doing this unless there was benefit to them. I doubt they are loosing money at 1.5%, and their savers assets will give them increased financial clout. I find it particularly offensive that they make a big point of having a Ukrainian appeal on the front page of their website. This is the financial equivalent to sportswashing, or greenwashing. 

Thrugelmir

Then don't deal with them, vote with your feet. Banking is a complex and highly regulated industry. Second guessing their UK business modus operandi is pointless. This new venture won't be profitable for some considerable time. 

masonic

nonlinear said:

They would not going to be doing this unless there was benefit to them. I doubt they are loosing money at 1.5%, and their savers assets will give them increased financial clout. I find it particularly offensive that they make a big point of having a Ukrainian appeal on the front page of their website. This is the financial equivalent to sportswashing, or greenwashing. 

It's standard procedure when a new entrant moves into a competitive market. Instant access at 0.75% above the base rate is loss making, there's no question. Closest competitor is sub-1%. Then there is the 1% cashback on debit card spending. We know how low debit card fees have gone. It's about customer numbers, and fickle folks like many of us will be off like a shot before we become profitable customers for Chase.

According to the link you posted, JP Morgan is grade C, indicating the action they have taken is to: "wind down business in Russia but buy Russian debt". It's noteworthy that JP Morgan is a major investment provider, running a full range of investment funds, some of which may be obliged to hold Russian debt securities. They also run a Russian investment trust. I doubt they can lawfully dump these assets, whose beneficial owners are private investors worldwide. Anyone who has a pension or S&S ISA will probably have some non-zero exposure to Russian assets, and much of it won't be held in JP Morgan investment funds. The only other banking group I could see on that list that operates in the UK is HSBC, which is worse at grade D. I don't know where the other UK banks stand.

The main revenue stream funding the Ukraine war is Russian oil and gas. Anyone who uses petrol, gas or electricity in their daily lives is unwittingly helping to finance continued Russian aggression. Does that mean we should find it offensive if they take other actions in support of Ukraine? I don't think so.

Anyway, this is not moralsavingexpert.com so I think I'll end my contribution to this thread here.

randompenitent

HSBC are still in Russia too. https://www.hsbc.ru/en-gb

See also https://www.thisismoney.co.uk/money/markets/article-10661111/HSBC-continues-business-Russia-calls-war-conflict.html

sebtomato

nonlinear said:

I doubt they are loosing money at 1.5%, and their savers assets will give them increased financial clout. 

I think they are losing money by providing 1.5% interest on savings account.

Typically, banks charge for some overdraft fees (like 15%) so that this can pay for getting the money from savers.

However, Chase doesn't have an overdraft facility yet...

sebtomato

nonlinear said:

The Chase 1.5% savings account is attracting a lot of attention. I nearly opened an account myself, however after a quick bit of research I have decided not to.
The Yale Business School maintain a list of showing how companies have responded to Russia's invasion of Ukraine. Chase are part of JPMorgan, who Yale rate as a C, 
 "Companies that are scaling back some significant business operations but continuing some others...". I know these are complex issues, but personally that's not good enough. 
The full list is here:
https://som.yale.edu/story/2022/over-500-companies-have-withdrawn-russia-some-remain

I haven't heard of many UK banks pulling out of Russia completely either...

nonlinear

sebtomato said:

I haven't heard of many UK banks pulling out of Russia completely either...

randompenitent said:

HSBC are still in Russia too. https://www.hsbc.ru/en-gb

See also https://www.thisismoney.co.uk/money/markets/article-10661111/HSBC-continues-business-Russia-calls-war-conflict.html

I agree it's complicated. It may be that the least bad option is the best one! My intention was to highlight the issue rather than make moral judgements on other peoples decisions. People can make their own minds up once they have all the facts and I hadn't seen this discussed here. All investment has a moral dimension and the more information we have the better decisions we make.  
I see HSBC also have a link to a Ukraine Appeal prominently on their web site. Thanks for the heads up, I will certainly be avoiding them.

I fail to see how helping Chase achieve their long term objectives (which may involve a short term loss) is an any way penalising them. I can't control how much of the gas or fuel I use comes from Russia and thereby supports them, but I do have discretionary control over other aspects of my life and I choose to exercise that. Others may think differently and that's cool.  

Thrugelmir

nonlinear said:

sebtomato said:

I haven't heard of many UK banks pulling out of Russia completely either...

randompenitent said:

HSBC are still in Russia too. https://www.hsbc.ru/en-gb

See also https://www.thisismoney.co.uk/money/markets/article-10661111/HSBC-continues-business-Russia-calls-war-conflict.html

I agree it's complicated. It may be that the least bad option is the best one! My intention was to highlight the issue rather than make moral judgements on other peoples decisions. People can make their own minds up once they have all the facts and I hadn't seen this discussed here. All investment has a moral dimension and the more information we have the better decisions we make.  
I see HSBC also have a link to a Ukraine Appeal prominently on their web site. Thanks for the heads up, I will certainly be avoiding them.

I fail to see how helping Chase achieve their long term objectives (which may involve a short term loss) is an any way penalising them. I can't control how much of the gas or fuel I use comes from Russia and thereby supports them, but I do have discretionary control over other aspects of my life and I choose to exercise that. Others may think differently and that's cool.  

Do you boycott products made in China?