JPMorgan, Citi lower benchmark interest rates following Fed rate cut

The banks use different names -Citi calls this its "base rate," and JPMorgan refers to a "prime rate." However, lowering this benchmark rate means lower interest rates on loans that are based off the Fed's main short-term rate. The move could result in lower revenues for the banks in the coming quarters.

from Moneycontrol https://ift.tt/2LSxv7S