Officials at the banks were not immediately
available for comment.
The award of a seven-year contract is set to be announced this
week, the paper said.
Citi, the fourth-largest custodian in the world with about $14.5
trillion in assets under custody and sub-custody, last year
combined its investor services unit - which includes custody -
with its trading business, the paper said.
JPMorgan, with more than $20 trillion in assets under custody,
is among the top three globally with State Street Corp <STT.N>
and Bank of New York Mellon Corp <BK.N>, took similar steps
almost two years ago, the paper said.
JPMorgan has been hiring staff and investing hundreds of
millions of dollars annually in the custodian business in the
past few years, the paper said.
While the loss of Norway's oil fund as a client is a
disappointment, the bank hopes to win at least two similar-
sized mandates in the near future, people familiar with the
business told the Financial Times.
(Reporting by Scott DiSavino; Editing by Eric Walsh)
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