Sell These 3 Stocks as Amazon Takes Over Banking

Share on Facebook
Share on Google+
Share on LinkedIn

Sell These 3 Stocks as Amazon Takes Over Banking


Executives across the world are asking themselves the same question: is there no end to the ambitions of Jeff Bezos and (Nasdaq: AMZN)?

A good question since it looks like the company nicknamed the “Death Star” (after the moon-sized, planet-killing weapon from Star Wars) is set to take aim at another industry. Just recently, Amazon seemed to be setting its sights on the freight delivery industry then on the healthcare industry and now its seems to be getting ready to target the financial industry. Although as with healthcare, Amazon is in talks with possible established partners in the sector.

Related: Dump These Healthcare Stocks Getting Amazoned

Amazon and JPMorgan

Amazon is in preliminary discussions with the largest U.S. bank – JPMorgan (NYSE: JPM) – to possibly offer its customers a checking account-like product.

JPMorgan and Amazon are already partners, having joined forces last month with Berkshire Hathaway (NYSE: BRK.B) to create a not-for-profit healthcare company. Meanwhile Chase, JPMorgan’s retail banking arm, is the issuer of the Amazon Prime Rewards Signature Card. The talks are not exclusive to JPMorgan though as it is believed Amazon is also in talks with Capital One (NYSE: COF).

If discussions with either finance firm come to fruition, it will not be Amazon’s first foray into the financial sector. In a very low-key launch in 2011, Amazon began offering loans to the small businesses that operate on its Marketplace platform. Amazon said last June that it had made $3 billion worth of loans to these businesses.


Wait, Before You Leave...