Clock Is Ticking for Five Banks That Handle Retirement Money

Five of the largest U.S. financial firms are up against the clock if they want to continue managing pension and retirement assets.

Deutsche Bank AG, Citigroup Inc., UBS Assets Management, JPMorgan Chase & Co., and Barclays Capital Inc. will all need the Labor Department’s approval by early next year to keep operating as “qualified professional asset managers.” The five banks are major players in the retirement industry, providing services to millions of retirement savers and managing billions of dollars in plan assets.

The Labor Department a year ago granted temporary exemptions allowing the five banks to continue operating as QPAMs, ...