Fortune Apr. 25, 2023

JPMorgan CEO Jamie Dimon warned about the threat from fintechs 2 years ago. Some 80 deals later, here’s how their acquisition strategy is unfolding

It was January 2021, and JP Morgan’s CEO Jamie Dimon had a message for his management team on a conference call to discuss fourth quarter earnings. Dimon, who is known for his directness, said he told his management team they should be “scared shitless” about the threat from a new generation of fintechs like PayPal, Square and Stripe. Then, in a shareholder letter issued three months later, Dimon further noted the diminishing role of banks in the global financial system. Banks, including JPMorgan Chase, were under enormous competitive threats from every

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