JPMorgan lowers benchmark interest rate following Fed rate cut


FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files

NEW YORK (Reuters) – The largest U.S. bank by assets, JPMorgan Chase & Co (JPM.N), lowered its prime rate, a benchmark for a wide range of consumer and commercial loans, for the first time in more than a decade on Wednesday, following a rate cut from the Federal Reserve.

Starting Aug. 1, the bank’s prime rate will be lowered by 25 basis points to 5.25%, according to an announcement by the bank.

Reporting By Elizabeth Dilts; Editing by Steve Orlofsky

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