JPMorgan's No. 2 explains how the fintech threat made the nation's largest bank even bigger
On Friday, Dimon's No. 2, Daniel Pinto, suggested that the looming fintech threat is also responsible for JPMorgan's retail banking expansion in Europe.
"In the past, we always said, 'There is no way that we are going to do retail outside the United States," Pinto told the Bernstein Strategic Decisions conference. Pinto went on to explain that"the retail business in the United States is an amazing business, very profitable, massive scale, great set of products, very good," according to a transcript of the remarks provided by financial information services company Sentieo.
"But you never know when it could be disrupted by someone, by the technology platform and someone else," Pinto added."So we see this as a way over the long, long term to diversify and complement our fantastic US retail business." JPMorgan went beyond US banking border for the first time ever in late 2021 with a digital-only retail banking offering in the UK. Germany is next,, and the bank is only expected to continue expanding from there, including potentially to Latin America.
The comments come as JPMorgan continues to wage war on financial technology startups. The bank has made at least 16 fintech or consumer-focused
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