FinTech Leadership from JPMorgan Chase
In the aftermath of the Financial Crisis (2008–2009), large banks were taking a step back from their existing business models across all lines of business. The focused was on minimizing non-essential costs. JPMorgan Chase (JPMC) took the opposite approach and concentrated on expansion in the last decade. This growth not only included its retail footprint, which increased at a time when others closed branches, but also within international operations and adoption of new tech.
The top 3 banks were mired in controversy and headlines in 2009, over events that led to the recession — Chase essentially had a clean slate. Bank of America had ongoing investigations into Countrywide and Merrill Lynch acquisitions, while Wells Fargo (still) has rampant issues with fraudulent employee conduct and corporate culture. JPMC maximized its time and resources on strategic initiatives and partnerships for all stakeholders — and started to separate itself from the pack of traditional institutions and big banks.
“Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble. On the other hand, companies that build scale for the benefit of their…
