Don’t worry, Wall Street banks. Amazon is your friend. It will help you expand your markets and more deeply penetrate the consumer wallet. Don’t worry about what is occurring in the retail industry. Really.
When the Wall Street Journal, citing unnamed sources, reported that Amazon was in talks with JPMorgan Chase to offer a checking account, a highly regulated endeavor, the bank stocks didn’t make much movement.
By contrast, when Amazon announced they were getting into the mostly unregulated grocery store business, Cincinnati-based Kroger, one of the nation’s largest food retailers, lost significant value in the wake of the 2017 announcement.
Unlike the Grocery business, where Amazon can enter at will, banking might be a more robust challenge....
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