Chase never disappoints with its strategies
There's no secret that JP Morgan Chase has monopolized the banking industry. There profits are a reflection of keen decision-making and innovative strategies that are precedent for others. However, there are times when certain activities don't work out. In fact, Chase had a loss of $2 billion dollars this year. Surprisingly, the loss will not effect the company…at least it's good to know everyone (Executives) will receive a bonus next year.
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JP Morgan, which has more assets than any other bank in the country, announced Thursday that it has lost an awful lot of money over the past six weeks.
Now, the loss won't sink the bank. Not even close.
Net losses are estimated to total $800 million by the end of the quarter, although that number might go up. For context, the bank made $5.4 billion in the first three months of the year alone.
Under a pilot program, Chase is getting into the prepaid card business.