Once a laggard in the online investing game, JPMorgan Chase is now making an aggressive push to become a leader. The banking giant is rolling out new tools allowing customers to research and buy bonds directly through its mobile app, a move aimed at capturing more sophisticated investors.
This latest feature is part of a concerted effort to overhaul its self-directed platform and challenge established rivals, such as Charles Schwab and Fidelity.
The bank has openly admitted its past shortcomings. In 2021, with the platform managing just $55 billion, CEO Jamie Dimon bluntly told analysts, “We don’t even think it’s a very good product yet.” To spearhead the turnaround, JPMorgan hired industry veteran Paul Vienick, who has since overseen a rebranding and a steady addition of new features.
The strategy is paying off, with assets under management now topping $100 billion. Still, that figure pales in comparison to the trillions managed by online brokerage giants. Vienick, however, is confident JPMorgan’s vast customer base and brand reputation can close the gap. He is targeting more engaged investors and has a bold long-term vision for the business.
With plans for features like after-hours trading already in the works, Vienick believes the platform can eventually become a dominant force by convincing its existing banking and credit card customers to consolidate their finances. “I have every belief the self-directed business… can be a trillion-dollar business,” he stated.
