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Big Banks Turn Silicon Valley Competition Into Profit

  • Online lenders and mortgage ventures lean on banks for funding
  • Goldman, AmEx, Wells Fargo among firms unveiling web ventures
JPMorgan Chase & Co. signage is displayed at its Madison Avenue building in New York, U.S., on Tuesday, Jan. 12, 2016. JPMorgan Chase is scheduled to release earnings data on January 14.
Photographer: Michael Nagle/Bloomberg

In an annual letter to shareholders last year, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon warned in bold print that “Silicon Valley is coming” for the financial industry. This year, his tone was upbeat, describing payment systems and partnerships his bank set up to compete.

“We are so excited,” he said.