The JPMorgan Chase CEO is rushing to turn his bank into Amazon before Amazon turns into a bank spending more than $20 billion in 2yrs on new products for digital banking, investment advice, trading, and cybersecurity.
In fact, Dimon expects that JPMorgan’s real rival will turn out to be Amazon rather than another bank or a fintech. “We are prepared for that to take place,” he says in an exclusive interview with Institutional Investor. For now, though, Dimon discounts the threat posed by the giant internet retailer. His bank is even fostering Amazon’s growing involvement in financial services through mutually beneficial ventures and purchases of Amazon products and services.