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Finally.
The Wall Street Journal reported Monday morning that Amazon is in talks with several banks to launch a "checking account-like product." The report helps answer one of the most oft-asked questions on Wall Street: When's Amazon going to show up? It also confirms predictions for how a company like Amazon might enter the market.
JPMorgan Chase, one of the banks Amazon is reportedly in talks with, has clearly been thinking about the Amazon effect for some time. Speaking at JPMorgan's investor day, CEO Jamie Dimon quoted Amazon's CEO, saying: "Jeff Bezos says 'Your margin is my opportunity.'"
The risk for Wall Street is that it's now their margin that's Amazon's opportunity. Here's our story.
Elsewhere in finance news:
- Meet the Rockefeller family's new rainmaker
- A JPMorgan asset manager with $135 billion to play with tells us the 3 areas of the market that excite him the most
- Hot investing startup Pagaya has landed a 20-year BlackRock veteran as chief investment officer
- Bank of America has pinpointed 6 ways stocks could see another $6 trillion correction
- Stocks are on pace to shatter a surprising record — and it could save the market from disaster
- Trump just laid out his demands for 2 of the US's signature allies to get around his massive new tariffs
- We just got our first indication that Paul Ryan may directly challenge Trump on his tariffs
- Trump's own pick for Fed chair said "the tariff approach is not the best approach" — and it highlights the dangers of a trade war
- Trump's argument that tariffs would protect American workers "seems terribly misguided"
- BARRO: Congress can, and should, stop Trump from starting a trade war
- Coinbase just poached a LinkedIn exec to lead an acquisition spree as the firm's first M&A boss
- Three crypto exchanges are planning to hire more than 1,000 staff — but it's not going to be easy
- Wall Street trading giant Virtu is preparing to take legal action against a fake copycat cryptocurrency
- The storied Chicago Stock Exchange could be a takeover target for a crypto company
- Bank of England Governor Mark Carney: Bitcoin is heading for a "pretty brutal reckoning"
- The Amazon of China is putting its high-end beef imports on the blockchain
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