JPMorgan Is Launching New Brokerage App With Free Trades

Jamie Dimon

Jamie Dimon

Online stock trading companies are going to have to reconsider their business models as JPMorgan Chase, the nation's largest bank, will soon begin offering 100 free trades per year to Chase customers. (SCHW.N) and other discount brokerages fell after CNBC reported the offering was imminent.

Kelli Keough, head of digital wealth management, said JPMorgan is targeting millennials who have never invested and current customers who are investing elsewhere.

JPMorgan is hoping its reputation will give You Invest an advantage over competitors. In April 2017 Chief Executive Officer Jamie Dimon said in his annual letter that an "inexpensive" self-directed online tool was coming by the end of that year.

Shares of Schwab were down 2.35 percent to $50.21 Tuesday afternoon, while shares of TD Ameritrade Holding Corp (AMTD.O) were down 7.53 percent to $55.62. In fact, the bank has financial connections with more than half of Americans.

Wickens to have spinal surgery day after crash
Schmidt Peterson Motorsports later said it would not field the No. 6, the auto Wickens' drives, at this weekend's race in St. Wickens, in the red vehicle , went soaring into the fence at Pocono Raceway as part of a horrific IndyCar wreck on Sunday.

The service goes live next week, giving 100 free trades in the first year and the ability to earn unlimited free trading, Darin Oduyoye, a spokesman for JPMorgan, said on Tuesday in an emailed statement.

"JPM's aggressive push into the e-broker space could make competition more intense", Craig Siegenthaler, an analyst at Credit Suisse Group AG, said in a note, referring to JPMorgan by its ticker symbol. After that, trades are $2.95 each, still considerably cheaper than rivals such as E*Trade and TD Ameritrade.

JPMorgan's new service will also compete with startups like Robinhood, an online brokerage which offers commission-free US stocks and ETFs trading.

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