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JPM planning to exit prepaid card business
Posted on 1/9/14 at 12:58 pm
Posted on 1/9/14 at 12:58 pm
From Reuters:
Reuters
Likely taking proactive move to avoid the .gov from breaking them up.
quote:
JPMorgan Chase & Co (JPM.N) plans to sell or exit over time its business of issuing prepaid cards for corporate payrolls and government tax refunds and benefits, the company said on Thursday. The cards, which had been offered with cash and treasury services to companies and governments, had become a headache of risks in operations and regulations, according to a person familiar with the matter who was not authorized to speak publicly.
Reuters
Likely taking proactive move to avoid the .gov from breaking them up.
2
Posted on 1/9/14 at 1:32 pm to Blakely Bimbo
The government is not going to break up JPM due to its prepaid card arm... It's likely that the resources they were putting towards that division can be more profitably deployed elsewhere.
Posted on 1/10/14 at 1:24 pm to Beerinthepocket
quote:
The government is not going to break up JPM due to its prepaid card arm... It's likely that the resources they were putting towards that division can be more profitably deployed elsewhere.
No, not because of the of the PP arm, but they have been shedding business'. Some of it Dodd Frank related, but this was surprising.
Posted on 1/10/14 at 1:39 pm to Blakely Bimbo
They are shedding businesses because insane regulations are ruining small time finance.
I'm living in this shitstorm. Businesses that used to employ a lot of upper middle class salary folks are being vaporized left and right.
It's 8+ digit loans only these days for the big guys. Anything smaller is done by a computer program.
I'm living in this shitstorm. Businesses that used to employ a lot of upper middle class salary folks are being vaporized left and right.
It's 8+ digit loans only these days for the big guys. Anything smaller is done by a computer program.
Posted on 1/10/14 at 1:54 pm to Blakely Bimbo
Aren't the Louisiana food stamp debit cards (I forget the official name of them) are issued by JPM via a contract with the state of La? I wonder if these cards are affected?
I know some bank handles that for La but I'm not sure which one.
I know some bank handles that for La but I'm not sure which one.
This post was edited on 1/10/14 at 1:55 pm
Posted on 1/10/14 at 3:08 pm to LSURussian
quote:
Aren't the Louisiana food stamp debit cards (I forget the official name of them) are issued by JPM via a contract with the state of La? I wonder if these cards are affected?
yes it is JP Morgan that handles the SNAP cards for the state. I'm sure there would be some effect because JP does a pretty good job at managing it so I could imagine the some problems would arise if another company had to come in and take that over.
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