JPMorgan's Wall Street chief on Amazon threat: 'The worst thing you can do is ignore it'

Tech companies like Amazon have been disrupting industries from retail to healthcare, and Daniel Pinto, head of the corporate and investment bank at JPMorgan Chase, said leaders should be prepared, according to CNBC.

Amazon reportedly is looking to make a foray into consumer banking by offering a checking account. Mr. Pinto said established companies must embrace competition from disrupters like Amazon or risk being left behind.

"The worst thing you can do is ignore it. You have to assume in some way or another, they will get involved. There's only one thing you can do," Mr. Pinto told CNBC. "It's to create services that are as good as possible, and the best client experience, to have a shot. Ultimately, consumers will decide."

More articles on business:

Flipkart's CEO turns company around, partners with Walmart
Alphabet considers investing in Flipkart along with Walmart
Sears stock jumps 16% after announcing Amazon partnership

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Top 40 Articles from the Past 6 Months