Back in 2014, JPMorgan’s Jamie Dimon warned that Silicon Valley was coming to eat the banks’ lunch. In this FT article is becomes apparent that the technology companies are now starting to "chow down".
Last week JPMorgan Chase did come up with something that was genuinely compelling. The largest US bank, which is closing a credit card business in Canada, simply wiped the balances of remaining customers. “It’s kind of like I’m being rewarded for my irresponsibility,” a 24-year-old university student cheerfully told the Canadian Broadcasting Corporation, as Mr Dimon relieved her of a C$1,300 ($977) debt.