Comment by rizza

Part of this is J.P. Morgan Chase paying for customer base. JPMC can't legally buy any banks anymore unless it's at an fdic auction for a failed bank. That means that the only way to bring in new customers is organic growth and taking over company/store cards from other banks. If JPMC sees an ROI on this, I expect that they will start aggressively going after established store card like the old navy/gap card or airline cards like the American Airlines card. They instantly get thousands of new customers to market their other services to, can offer cross promotion into their most valuable fee cards (sapphire reserve) for less cost, and get to expand their market information gathering operation that feeds into their investment banking and commercial banking lines of business to inform better understanding of the market.