Amazon has been in talks with JPMorgan Chase JPM and Capital One COF about its proposal to launch a product similar to traditional checking accounts, TheWall Street Journalsaid Monday. Amazon was not immediately available for comment.
The e-commerce giant has been contemplating getting into the finance sector for years. It will also stream video series it owns to a TV stick it designed, commanded by a voice-recognition AI developed in-house, running on the cloud services it provides to hundreds of thousands of customers.
So Jeff wants to reach out to the unbanked and make them banked via an Amazon checking account.
"Last fall, [Amazon] put out a request for proposals from several banks for a hybrid-type checking account and is weighing pitches from firms including JPMorgan and Capital One Financial Corp., some of the people said". The companies together employ more than 1.1 million workers.More news: People are being encouraged to report leaks as big thaw continues
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The company is a major media player too thanks to its Prime Instant Video offering.
Both of those reasons sound very much like Amazon, which is always looking to reduce its costs and gain data it can use to market more effectively to customers.
Buffett also owns big stakes in Bank of America, American Express, Bank of New York Mellon and Goldman Sachs.