E-finance: JP Morgan hatches its own future
LabMorgan, an incubator for new e-finance businesses, is JP Morgan’s response to the biggest challenges facing all large established financial services companies today: how to keep ahead of the changes being wrought by the internet and how to retain talented employees who might be lured by the prospect of dot com riches to take bold new ideas to outside venture capitalists. The bank will plough $1 billion into new ventures this year. If LabMorgan succeeds, it will reinvent the bank. Peter Lee reports
With some pride JP Morgan managing director Thorkild Juncker hands over his new business card on the second Friday in March. Apparently Euromoney is the First recipient from outside the bank. And it's certainly a change from the very traditional cream-coloured JP Morgan card which carries the bank's and the officer's name running across in heavy black type. One side of the new card is entirely indigo. On closer inspection there is a faint background pattern of a honeycomb and near the bottom the name of JP Morgan in a lighter shade of lilac.
The reverse is plain white with contact details reading down like a menu to, at the bottom, the name of the new division, LabMorgan, of which Juncker is the European head.
Isn't it all very new economy, jokes Juncker: tweed-jacketed and sprightly after an over-night Flight from New York and a hectic morning of presentations.