Should put pressure on Robinhood, Schwab, and other brokers.
JP Morgan, late to mobile trading, eyes a splash with its new app from CNBC.
- J.P. Morgan’s new digital brokerage service comes with free trades, portfolio building tool and access to equity research.
- The bank’s new trading service starts next week and will be available to its 47 million mobile or online users.
- All customers get 100 free stock or ETF trades in the first year. Those with Chase Private Client get unlimited trades.
- CEO Jamie Dimon hinted at this move in 2016, citing Amazon Prime as his inspiration.
J.P. Morgan Chase is about to lob a grenade into the increasingly competitive world of retail investing.
The bank is rolling out a digital investing service next week that comes bundled with free or discounted trades, a sophisticated portfolio-building tool and no-fee access to the bank’s stock research. Anyone who downloads J.P. Morgan’s mobile banking app or uses its website can get at least 100 free trades in the first year.
The move, more than two years in the making, instantly intensifies the price war that is occurring throughout the investing landscape. Whether it’s executing trades, managing portfolios or simply owning mutual funds and ETFs, costs have been collapsing on Wall Street. Among brokerages, the free trading app provided by Robinhood Markets has gained attention recently for attracting more than 5 million users, and a $5.6 billion valuation, in just a few years.
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