JPMorgan is in talks to invest an undisclosed amount in 10x Future Technologies, the company founded by former Barclays CEO...
Lending Club has hired Santiago Suarez, JPMorgan's head of new technologies; he will join Lending Club as the firm's head of strategy and mergers and acquisitions; at JPMorgan, Suarez was involved with testing blockchain and machine learning; he also worked in the bank's corporate strategy group, focused on managing top strategy issues for the bank. Source
Some banks have recently started automatically increasing credit card limits for customers; the credit card companies hope that doing so...
The Chinese government is looking to approve global banks for majority ownership in local security ventures; the China Securities Regulatory Commission...
Ant Financial’s Yu’e Bao previously had the title for the largest money market fund; however, JPMorgan and Fidelity have now...
The Center for Financial Services Innovation (CFSI) and JPMorgan Chase have announced the launch of their third annual Financial Solutions Lab (FinLab); the FinLab challenge provides support for fintech companies developing innovative solutions targeting the financial health of overlooked populations; the FinLab is currently taking applications and will announce its winners at the EMERGE Forum 2017; FinLab winners receive $250,000 and support from FinLab advisers and partners. Source
The bank announced today plans to open 90 branches by the end of 2019 as competition from other top banks...
JPMorgan is one of Wall Street's most active fintech innovators; Jamie Dimon outlined some of the bank's leading initiatives in his annual letter; in 2016 the firm invested $9.5 billion in new technology put towards initiatives in big data, machine learning, cybersecurity and electronic trading; the bank is also developing its customer facing technology and enhancing digital services for its corporate and investment bank and its asset and wealth management unit; other initiatives include promoting financial inclusion, collaborating with fintechs and investing in data sharing. Source
Danny Masters ran JPMorgan’s commodities trading business in the 1990s; he is a strong believer in ICOs as a better mousetrap compared to IPOs stating, “I’ve raised for companies — angel, friends and family, series A, series B stuff — and it's a real pain in the arse. It's slow, it's time-consuming, it's duplicative. It's a really heavy duty process. I know some great companies who've raised £5 million, £10 million and they've spent thousands of man hours doing it.”; he also notes that there is a lack of quality ICOs and they have funded only a dozen; Masters setup a fund called Global Advisors which pivoted to crypto in 2014. Source
JPMorgan Chase has been active in fintech partnerships with firms like Truecar, OnDeck and Roostify; they are now partnering with Bill.com in an effort to eliminate paper checks; JPMorgan spent $600 mn last year building fintech solutions and partnering with firms according to a letter CEO Jamie Dimon sent to shareholders in April. Source