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Opinion

Chase screws porn stars

JPMorgan Chase’s annual report was a hefty tome this year. At the very start, CEO Jamie Dimon detailed – rather impressively, some of his competitors grudgingly pointed out to Euromoney – the legal and regulatory challenges and reputational risks facing not just his bank but the industry as a whole.

One industry that JPMorgan seemingly does not want to be associated with the regulatory risks of is adult entertainment. Funny, Jamie didn’t mention that in his exhaustive summary.

 Chase porn stars

But reports have arisen that American-based bank JPMorgan Chase has taken the decision to close down the “risky” accounts of over 100 porn stars in the US.

According to American celebrity blogger Perez Hilton, Chase has reportedly sent out letters to the actors in the US informing them that their accounts would be closed by May 11, but withheld specific reasons for why they were doing so.

Chase also had a run-in with some others in the adult entertainment business last year when porn studio MRG Entertainment filed a lawsuit against JPMorgan Chase for refusing to underwrite a loan for “moral reasons.”

TMZ reports – presumably tongue in cheek (ahem!) – that a spokesman for Wells Fargo confirmed that the bank would happily take the porn stars’ deposits. (That’s enough, Ed.)

It’s ironic that the story is all over social media-led sites like TMZ and Buzzfeed. JPMorgan has a chequered history in social media. Anyone remember #AskJPM?

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