But JPMorgan is a different class of adversary. Its new service, You Invest, offers 47m digital customers free trades, portfolio advisory services and equity research. A minimum balance of $15,000 is required to maintain free trades beyond 100 a year. But this is notably lower than the $50,000 required for a limited number of free trades on the Merrill Edge platform run by Bank of America. The New York-based bank is in effect bringing commission-free trading to the masses, backed by an annual tech budget of $11bn and $3bn in marketing.

https://www.ft.com/content/69c30000-a5ed-11e8-926a-7342fe5e173f