Hedging their bets: JPM eyes Dodd-Frank customer $$

"... The sweeping legislation passed in the wake of the financial meltdown has some money managers griping about rules that they say are much more complicated than they were in the past. The new edicts are expected to place heavier administrative and financial burdens on these firms, challenging their ability to operate and turn a profit in the new regulatory environment.

"That’s where JPMorgan and other custodial banks, including Bank of New York Mellon, have been hoping to step in and forge new client relationships.

“The goal is to help our clients optimize their businesses,” Hernandez told The Post during a telephone interview.  Hernandez, 52, who formerly ran JPMorgan’s equity division, was named in September to run the investor-services unit, which the bank has been attempting to build up. Such investor-services units may be one of the few growing areas for big banks, which are facing head-count reductions by the thousands in the rapidly changing Wall Street landscape…..

Read all about it at http://www.nypost.com/p/news/business/hedging_their_bets_DY4zZ0uAdG4fEZfEmV2RUM