JP Morgan Chase Slashes Stake In MasterCard

NEW YORK – JP Morgan Chase, the largest shareholder of MasterCard International, reported it tendered half of its Class B shares back to the cards company, as part of the year’s biggest initial public offering. As a result, the banking giant now holds 5.7 million non-voting Class B shares, a 4.25% stake, which are restricted from sale for four years, according to a filing with the Securities and Exchange Commission. JP Morgan had owned a 10.5% stake in the cards company. The other large bank-owners of MasterCard, including Citibank, Bank of America and HSBC, are also expected to report a tender of their shares.