JPMorgan’s Grip on London Gold Vaults Challenged by Rival Banks

Citigroup Inc. and Morgan Stanley are among banks preparing to challenge the dominance of JPMorgan Chase & Co. in the global gold market by seeking to offer vaulting services in London, as investor interest in the precious metal surges.

Citi is well advanced in the process of setting up a business that would allow it to become a clearing member of the London gold market, according to people familiar with the matter, who asked not to be identified as they weren’t authorized to speak publicly. Morgan Stanley’s plans are at an earlier stage, but it aspires to expand its physical ...