Jamie Dimon: Silicon Valley startups are coming to eat Wall Street's lunch
Dimon says startups are coming for Wall Street, innovating and creating efficiency in areas that are important to companies like JPMorgan, particularly in the lending and payments space.Lending Club, for example, had the largest U.S. tech IPO of 2014. Payments startup Stripe has a multi-billion-dollar valuation and a partnership with Apple Pay. Bitcoin companies and exchanges like 21 and Coinbase are attracting tens of millions of dollars from venture capitalists. And financial planning startup LearnVest just got acquired for $250 million in cash.
Dimon also spent a section of his note discussing payment competitors, and he notes that payments are "critical" for JPMorgan."Rest assured, we analyze all of our competitors in excruciating detail - so we can learn what they are doing and develop our own strategies accordingly," Dimon says.
- Reddit recovers from a major outage as GameStop shares soar over 100%
- Nureca stocks debut on bourses at 59% premium over IPO price
- How Airtel’s AdTech platform is planning to deliver on the promise of ‘zero ad frauds’ to its clients
- Traffic jam on the Ganga - one of India's largest rivers will now get lane separators to deal with crowded boats
- Synology DiskStation DS220+ review – the perfect cloud replacement for backing up photos and files