(Seattle)
Here is a mind-bender (or maybe not)-Amazon is partnering with JP Morgan on a plan to offer some kind of Amazon checking account. Yes, you understood that correctly, Amazon may be entering the banking business. The talks are reportedly still at an early stage, and the plan would not involve Amazon becoming a bank, but the Wall Street Journal summarizes the benefits this way, saying "Offering a product that is similar to an own-branded bank account could help reduce fees Amazon pays to financial firms and provide it with valuable data on customers' income and spending habits".
FINSUM : So Amazon looks like it may launch a banking business. Cue lost sleep for bank investors.
- Amazon
- checking account
- jp morgan
- banking
- financials
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
