JPMorgan Chase & Co. - JPM STOCK NEWS

JPMorgan Chase has launched its digital bank in the U.K. under the Chase brand, offering a fee-free current account that provides cashback rewards on eligible debit card spending. Customers can sign up at chase.co.uk and access a mobile app for banking services and 24/7 support. The account features 1% cashback for the first year on purchases, customizable accounts for budgeting, and a unique numberless debit card for security. Chase plans to expand its offerings, including savings and lending products, to cater to U.K. customers.

J.P. Morgan (NYSE: JPM) has launched a credit card payment processing service for Alibaba.com (NYSE: BABA), enhancing payment options for U.S. small and medium-sized businesses. This partnership with Alipay facilitates smoother transactions, allowing U.S. credit cards to be used on Alibaba.com. J.P. Morgan, recognized as the top U.S. payments processor, aims to support businesses pivoting to digital solutions amidst the growing e-commerce landscape, which saw over $4.2 trillion in online sales in 2020.

JPMorgan Chase & Co. (NYSE: JPM) has announced dividends for its preferred stocks: Series I, Q, U, Z, and CC. As of June 30, 2021, the firm reported $3.7 trillion in assets and $286.4 billion in stockholders’ equity, reflecting its status as a major player in investment banking and financial services. The details regarding the dividend can be accessed on the investor relations page. This declaration reinforces the firm's commitment to returning value to its shareholders while maintaining a strong financial position.

J.P. Morgan Wealth Management has announced a significant change in its 529 plans, eliminating the upfront sales charge for advisor-sold investment plans. This decision aims to make education investing more accessible as college tuition costs rise 6.3% annually. By removing the sales charge, which can be as high as 5.75%, more client funds will directly contribute to education goals. Other applicable fees will still remain. J.P. Morgan Wealth Management oversees approximately $670 billion in assets and has around 4,000 advisors available to assist clients.

JPMorgan Chase has announced its acquisition of The Infatuation, a prominent restaurant discovery platform, aiming to enhance its investment in dining experiences. This partnership will allow JPM to provide richer content and exclusive benefits to its customers.

The Infatuation will maintain its brand identity, under the leadership of CEO Chris Stang, and continue delivering reliable restaurant recommendations. The deal reflects JPM's commitment to connecting with consumers through shared dining experiences, leveraging The Infatuation's influential platform established since 2009.

J.P. Morgan Asset Management announced the launch of SmartRetirement Plus, a retirement income solution aimed at American workers. This initiative combines J.P. Morgan's investment funds with AIG Life & Retirement's IncomEdge Control annuity to provide participants with insights into their retirement income needs. The offering allows flexible allocation decisions to suit individual spending needs and aims to address concerns about outliving retirement savings. The solution will be available digitally, enhancing participants' ability to manage their retirement funds effectively.

J.P. Morgan has entered a strategic deal to acquire a controlling interest of approximately 75% in Volkswagen Payments S.A., pending regulatory approval. This partnership aims to enhance J.P. Morgan's payment capabilities and make the platform accessible to the broader automotive industry. The initiative will focus on developing customized payment solutions for Volkswagen Group brands globally and expanding into new markets. The deal, predicted to close in the first half of 2022, aligns with the growing demand for seamless digital payment experiences in the auto sector.

BrightSphere Investment Group has announced the completion of the sale of its 75% stake in Campbell Global to J.P. Morgan Asset Management. This transaction also includes J.P. Morgan acquiring BrightSphere's co-investments in Campbell funds. Following this sale, BrightSphere will focus solely on Acadian Asset Management, which manages approximately $118 billion in assets as of June 30, 2021. Acadian has shown strong performance, with 87% of its strategies outpacing benchmarks over the past decade.

Chase and Visa are partnering to support local nonprofit New York Cares. Starting today and running through September, every tap of a Chase Visa contactless card on MTA subways and buses will result in a 10-cent donation, up to $250,000. This initiative aims to aid New Yorkers in recovery post-pandemic. Contactless payment usage on MTA has surged by over 225% since January 2021, reflecting growing demand for convenient payment methods. Chase has issued over 50 million contactless cards, with tap transactions increasing by 126% in 2021.