JPMorgan's blockchain effort could lead to solutions that overcome industry skepticism and regulatory concerns and perhaps attract more mainstream retail interest.
Barclays, Bank of America, TD Bank and other banks have filed multiple blockchain patents over the years, but have yet to publicly announce their plans for the technology.
JPMorgan is prototyping its own digital currency to be used for cross-border payments and, later, other purposes. Will banks find this a palatable alternative to today's most well-known options?
JPM Coin is not meant for consumer payments, but rather is a specific technology for a specific use case that the bank controls. Its value comes not from JPM Coin's appeal, but from JPMorgan's titanic wholesale payments business.
JPMorgan Chase successfully tested a cryptocurrency it plans to use in trials for clients of its wholesale-payments business. Dubbed JPM Coin, it's based on blockchain technology, the bank said Thursday in a presentation on its website.
Arjuna Capital is filing shareholder proposals with 11 financial and tech companies to uncover median gender pay gaps, which it said would determine if more women are concentrated in lower-paying jobs.
The biggest merger in years is reviving the idea that the industry is headed for a barbell-like shakeout, with very large banks on one end, community banks on the other and very few in between.
The company on Monday also announced an initiative to boost economic opportunities for African-Americans that will focus on job training, career-leadership pathways and wealth building.
The three large banks banks are joining a number of institutions in agreeing to eliminate fees for Californians who receive benefits via electronic transfer cards. Chase and BofA will also waiving the fees nationwide.
