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JPMorgan Chase Admits Cryptocurrency Is a ‘Risk’ to its Business for the First Time

Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously—acknowledging the blockchain-based technology as a veritable threat to its future. In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money. “Both financial institutions and their non-banking competitors face the risk that payment processing and other services…

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JPMorgan could move thousands of staff out of UK: Report

a JPMorgan Chase & Co could be forced to move thousands of staff out of Britain if the country loses its automatic right to sell financial services to the European Union after last month’s Brexit vote, bank CEO Jamie Dimon told an Italian newspaper. Currently, banks based in the UK can sell services freely across the EU under a “passporting” system, considered the most significant feature of the EU single market for financial firms. But that is now in doubt after Britons voted to leave the bloc. “The key issue…

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