JPMorgan JPM has signed an agreement with Banco Bilbao Vizcaya Argentaria, S.A. BBVA, wherein it will refer its Mexico private banking business clients to the latter’s local unit in Mexico. This comes as the U.S. bank plans on shutting its private banking division in Mexico and thus discontinuing the wealth-management services it provides in the region.Nevertheless, JPMorgan is expected to continue with investment banking, trading and treasury services in Mexico.Also, the bank will continue to serve its Mexico clients through other platforms abroad.Notably, according to people with knowledge of the matter, who asked not to be identified, most of the rich and ultra-rich families in some of the largest economies in Latin America are shifting their wealth to international financial capitals. This is a major reason for JPMorgan to shut its private banking operations in Latin America’s second-largest economy.Notably, last year in September as well, JPMorgan entered an agreement with Banco Bradesco S.A. to transfer its private banking clients, as part of its efforts to exit the Brazil private banking business.Our TakeWhile, on one hand, JPMorgan is planning to exit private banking businesses in some parts, on the other it is working constantly to expand its footprint in new regions.It aims to enter 15-20 new markets by the end of 2022 by opening roughly 400 branches. In fact, it has already made substantial progress on this front, having added nearly 170 branches so far and “expect to be in all contiguous 48 states by mid-2021.”Over the past six months, shares of the company have gained 54.6% compared with 45% growth recorded by the industry.Currently, JPMorgan carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Notably, of late, there has been a rise in restructuring activities in the finance sector. Last month, Truist Financial TFC sold its institutional 401(k) investment advisory services business to OneDigital Investment Advisors, and agreed to sell its institutional 401(k) recordkeeping businesses to Ascensus and Empower Retirement.A couple of days ago, Wells Fargo & Company WFC signed a deal to divest its asset management business to private equity firms GTCR LLC and Reverence Capital Partners, L.P.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM): Get Free Report Wells Fargo & Company (WFC): Free Stock Analysis Report Banco Bilbao Viscaya Argentaria S.A. (BBVA): Free Stock Analysis Report Truist Financial Corporation (TFC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research