JPMorgan merges payments units to ward off challengers
(18 January 2019 – Global) To defend and grow market share in the rapidly evolving payments landscape, JPMorgan Chase has announced it is merging its small business payments unit and its Treasury Services platform.
According to an internal memo, the bank is combing Chase Merchant Services with the Treasury Services division of its Corporate and Investment Bank.
JPMorgan investment bank head Daniel Pinto wrote: “Together, this powerful organisation, which already includes our Trade Finance and Commercial Card businesses, will continue to develop our own worldwide payment capabilities, and partner with digital payment companies looking to expand in the US and internationally.”
Takis Georgakopoulos who currently runs the Treasury Services business will lead the new Wholesale Payments unit.
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