JP Morgan’s war with Fintech
startups intensifies, as the bank reveals plans to spend $12B in the next fiscal year on technology. Best quote from the article referring to the budget: “That probably blows away the cumulative dollar value of investment of all the fintechs in the world that are trying to disrupt them.”. About a two minute read.
Comment: Regular readers will know I’ve dismissed the Fintech hype many times, noting the incumbents could easily outspend money losing startups and, ultimately, just acquire them. And JP Morgan just proved my point.