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JPMorgan Adds Checking Accounts to Expand Sapphire Brand
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JPMorgan Chase & Co. (JPM - Free Report) is adding checking accounts to its Sapphire brand, per Reuters. This move by the bank will not only help in augmenting the brand that it has created since years but, will also help in attracting and retaining the millennial customers.
Elizabeth Seymour, a spokeswoman for JPMorgan informed that the bank would change its Chase Premier Platinum accounts into Sapphire Banking accounts. Following this, the minimum threshold of $75,000 in deposits and certain investments, which the Premier Platinum accounts required, would be lifted.
These checking accounts are expected to be more useful for customers as these will offer special access to sports and entertainment events, similar to the Sapphire Reserve credit cards.
Notably, with these accounts, customers will not have to pay certain fees like the ones for wire transfers and foreign exchange at overseas ATMs.
The chief executive of Chase Consumer Banking, Thasunda Duckett stated, “We are focusing on customers who are starting to earn and save more. They are reaching key milestones.”
Seymour said that the bank also planned to offer Ultimate Rewards points as an incentive to the new customers, who would sign up for these Sapphire Banking accounts later this year.
Apart from this, the company has also been making other efforts to attract customers and hence, increase its market share by either lowering prices or providing additional services.
Through aggressive pricing, JPMorgan has been able to take market share in securities lending as well. It has also acquired the commercial banking business by setting up new offices in those cities, where it does not already have an established market.
Notably, since low-cost deposits are more attractive for banks, as rates on loans rise, JPMorgan aims to grow consumer deposits more rapidly than its peers.
Shares of JPMorgan have gained 25.6% in the past year, outperforming 15.8% growth of the industry.
The stock currently carries a Zacks Rank #3 (Hold).
Evercore’s Zacks Consensus Estimate for the current-year earnings moved marginally upward over the past 60 days. The company’s shares have surged 45.1% over the past 12 months.
Moelis & Company’s current year earnings estimates have been revised 5.6% upward over the past 60 days. Its shares have surged 51.9% in the past year.
Over the past 60 days, Stifel Financial’s current-year earnings estimates have been revised 3.2% upward. Over the past 12 months, the company’s shares have rallied 13.5%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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JPMorgan Adds Checking Accounts to Expand Sapphire Brand
JPMorgan Chase & Co. (JPM - Free Report) is adding checking accounts to its Sapphire brand, per Reuters. This move by the bank will not only help in augmenting the brand that it has created since years but, will also help in attracting and retaining the millennial customers.
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Elizabeth Seymour, a spokeswoman for JPMorgan informed that the bank would change its Chase Premier Platinum accounts into Sapphire Banking accounts. Following this, the minimum threshold of $75,000 in deposits and certain investments, which the Premier Platinum accounts required, would be lifted.
These checking accounts are expected to be more useful for customers as these will offer special access to sports and entertainment events, similar to the Sapphire Reserve credit cards.
Notably, with these accounts, customers will not have to pay certain fees like the ones for wire transfers and foreign exchange at overseas ATMs.
The chief executive of Chase Consumer Banking, Thasunda Duckett stated, “We are focusing on customers who are starting to earn and save more. They are reaching key milestones.”
Seymour said that the bank also planned to offer Ultimate Rewards points as an incentive to the new customers, who would sign up for these Sapphire Banking accounts later this year.
Apart from this, the company has also been making other efforts to attract customers and hence, increase its market share by either lowering prices or providing additional services.
Through aggressive pricing, JPMorgan has been able to take market share in securities lending as well. It has also acquired the commercial banking business by setting up new offices in those cities, where it does not already have an established market.
Notably, since low-cost deposits are more attractive for banks, as rates on loans rise, JPMorgan aims to grow consumer deposits more rapidly than its peers.
Shares of JPMorgan have gained 25.6% in the past year, outperforming 15.8% growth of the industry.
The stock currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the finance space are Evercore Inc. (EVR - Free Report) , Moelis & Company (MC - Free Report) and Stifel Financial Corp. (SF - Free Report) . Each of these currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Evercore’s Zacks Consensus Estimate for the current-year earnings moved marginally upward over the past 60 days. The company’s shares have surged 45.1% over the past 12 months.
Moelis & Company’s current year earnings estimates have been revised 5.6% upward over the past 60 days. Its shares have surged 51.9% in the past year.
Over the past 60 days, Stifel Financial’s current-year earnings estimates have been revised 3.2% upward. Over the past 12 months, the company’s shares have rallied 13.5%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>