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jpmorgan's frank acquisition yields only 10 new customers after inflated claims

JPMorgan Chase & Co. acquired Charlie Javice’s student-finance startup, Frank, for $175 million, aiming to attract millions of young customers. However, the bank only gained 10 new checking accounts, as Javice allegedly inflated user numbers from under 300,000 to over 4 million. Testimony revealed the bank's expectation of quickly accessing the 18-to-24 age demographic through the acquisition.
Bloomberg.com
JPMorgan Chase & Co. USA Ryan McDonald Charlie Javice
Business & Industry, Transcript
22:02 18.03.2025

jpmorgan acquires frank but gains only ten new customers in trial fallout

JPMorgan Chase's acquisition of Frank, a student-finance startup, for $175 million yielded only 10 new checking accounts, far below expectations. Testimony revealed that marketing efforts to 400,000 supposed users resulted in minimal engagement, prompting an internal investigation into potential fraud by Frank's founders, who have pleaded not guilty. The case highlights the bank's disappointment in not reaching its target demographic of young customers.
Yahoo Finance
JPMorgan Chase & Co. USA Ryan McDonald Olivier Amar Charlie Javice Show more
Business & Industry, News Article
22:02 18.03.2025
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