J.P. Morgan Chase & Co. JPM, +0.63% announced Tuesday a restructuring in Europe to establish a "significant" wealth management business in Luxembourg to support clients doing business across the European Economic Area. As part of the restructuring, the banking giant plans to merge two banks, London-based J.P. Morgan International and J.P. Morgan Bank Luxembourg S.A., to provide client support across the region. J.P. Morgan's stock slipped 0.3% in premarket trade. It has gained 6.3% year to date through Monday, while the SPDR Financial Select Sector ETF XLF, +0.11% has tacked on 1.4% and the Dow Jones Industrial Average DJIA, +0.44% has advanced 4.6%.
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