Citigroup Inc. and Morgan Stanley are establishing their own vaults in London as they look to challenge JPMorgan’s dominant position in the global market amid soaring gold prices and elevated investor interest. According to a Bloomberg report published on Monday, the two banks are among several financial giants gearing up to compete with JPMorgan Chase & Co. by offering their own vaulting and clearing services in the global gold capital. According to people familiar with the matter who were not authorized to speak publicly, Citi is already well advanced in the process of setting up a UK-based business that would ... (full story)