Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

JPMorgan Replaces 2 Million Bank Cards After Target Breach

Target Store
Target Corp., the second-largest U.S. discount chain, said late last year that credit- and debit-card data from 40 million accounts were compromised. Photographer: Patrick T. Fallon/Bloomberg

JPMorgan Chase & Co., the largest U.S. bank, said it replaced 2 million payment cards after the breach of consumer data at retailers including Target Corp.

The threat to cardholder information “is a big deal, it’s not going to go away,” Chief Executive Officer Jamie Dimon said today on a conference call discussing fourth-quarter results at the New York-based bank.

Target, the second-largest U.S. discount chain, said late last year that credit- and debit-card data from 40 million accounts were compromised. The retailer said Jan. 10 that the recent security breach affected more people and more information than previously thought. Payments information was also compromised at Neiman Marcus Group Ltd.

“This story is not over, unfortunately,” Dimon, 57, said. “You really have to put in extreme effort to protect yourself.”

Stores and banks need to cooperate to prevent information from being breached rather than casting blame, Dimon said today.

“This might be a chance for retailers and banks to, for once, work together, you know, as opposed to sue each other, like we’ve been doing the last decade,” he said. “All of us have a common interest in being protected.”

Putnam Bank filed a suit against Target, claiming that the security breakdown cost the lender money because it forced the bank to issue customer alerts and new cards, while reimbursing account holders for losses. Credit-card lender American Express Co. said this month that it’s appealing a federal judge’s order approving a $5.7 billion settlement by Visa Inc. and MasterCard Inc. after years of litigation with U.S. merchants over allegations that credit-card swipe fees are improperly fixed.

JPMorgan advanced 0.6 percent to $58.07 at 9:44 a.m. in New York, after reporting fourth-quarter profit that exceeded the average of analysts’ estimates. Target, based in Minneapolis, slipped 0.1 percent.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.