American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
In its first offering of online bank accounts, JPMorgan Chase on Monday launched a new smartphone app that it hopes will attract new depositors, many of whom are young and may live far from any of its branch offices.
The app, named Finn by Chase, allows people to use a phone to open a bank account, make deposits, issue checks, track spending and set up savings plans, bank officials told Reuters last week. Finn debit cards will come by mail for access to cash from 29,000 ATMs.
The bank is starting with an initial test of the app account for Apple phone users with ZIP codes in St. Louis, where Chase has no branches, which might influence the trial.
The bank, the biggest in the United States, with $2.56 trillion in assets, plans to market Finn in other U.S. cities and for Android phones next year. Later this year it will offer mobile enrollment nationwide for its standard checking and savings accounts.
"Finn lets us reach new customers and new markets," Thasunda Duckett, chief executive of Chase Consumer Banking, said in an interview. The app account, she said, "was built by millennials for millennials."
Bankers across the industry want to court millennials as their next generation of customers.
At JPMorgan, the app could also show Chief Executive Jamie Dimon how he can take the bank's consumer deposit business well beyond the 23 states where it has branches.
Dimon has repeatedly postponed his years-long dream to expand into new states by opening a cluster of branches to gather more customers. That would be expensive, would require the approval of regulators and could be especially risky when people use branches less often.
JPMorgan is too big to win government approval to buy another bank to reach more depositors, Dimon has acknowledged.
Duckett's team developed the Finn app after interviews with about 250 potential millennial customers since July 2016. It found that many yearn for a lower-stress way to control their spending than trying to set budgets that they often fail to obey.
The interviews led Chase to build the app with simple ways for people to sort their spending with emojis tagging what made them feel good or bad, as well as what was necessary or just desired.
For example, the bank found millennials generally do not want the app to display on the same screen as spending account balances that show how much money they have in their savings accounts, lest they spend that, too.
About two-thirds of Chase customers continue to visit branches at least once every three months. "This is for a different set of customers," said Melissa Feldsher, head of Finn.
Some of the features are similar to those that have been produced by fintech companies, such as Moven, which has supplied money management software for TD Bank to offer its depositors. But such efforts have not resulted in strictly online accounts of the scale that JPMorgan imagines.
Duckett said JPMorgan designed Finn from scratch, without relying on what fintech companies have created. "We always look at what is going on, but we lead with what customers were telling us," Duckett said.
In contrast, JPMorgan has used outside firms as it has developed for applications for auto, mortgage, and small business lending.