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BANKINGTHE EUROMONEY 25

JPMorgan buys disruptors while its core businesses thrive

The bank hopes to profit from the normalization it expected in 2021, if borrowing picks up and rates rise in 2022.


JPMorgan went on a shopping spree in 2021 to secure its present leadership far into the future. This was at the same time as its already large share of US deposits – driven even higher by savers’ flight to safety in the pandemic – prevents it from buying banks in its home market.

Among 30 or so bolt-on deals, it acquired OpenInvest in June. OpenInvest is an environmental, social, governance (ESG) investment management products and impact reporting services company.

In September, JPMorgan took a 75% stake in the payments platform of Volkswagen Financial Services, which provides purchase and lease finance as well as in-vehicle mobile payments for subscriptions for parts, for entertainment, parking, refuelling and generally buying stuff from connected vehicles. It is a new and growing business that fits with a bank positioning itself at the cutting edge in payments technology.

Jeremy Barnum_400.jpg
Jeremy Barnum, JPMorgan

Also in June, JP Morgan took a 40% stake in C6, the Brazilian full-service digital bank, and purchased UK wealth management platform Nutmeg.


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