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Message
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 1:54 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
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