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The diktat came from Jamie Dimon during a closed-door meeting at JPMorgan Chase’s headquarters in November. Facing growing pressure from nimbler fintechs, the chief executive of the biggest US bank pushed the leaders of his two largest divisions to put aside any differences and collaborate on a new payments processing system. The new system being developed by JPMorgan’s corporate and investment bank — the CIB — would enable merchants to receive payments directly from consumers, cutting out the need for debit or credit cards and posing a threat to the lucrative fees earned by banks and dominant card companies Visa and Mastercard.
JPMorgan Chase & Co. (JPM) closed at $111.21 in the latest trading session, marking a -1.14% move from the prior day.