JPMorgan Got Just 10 New Customers From Javice’s User Data

JPMorgan Chase & Co. once dreamed of adding millions of new, young customers by acquiring Charlie Javice’s student-finance startup, Frank, for $175 million. Ultimately, however, the bank netted only 10 checking accounts.

Ryan MacDonald, a JPMorgan marketing executive, testified about those results Monday at Javice’s trial on charges that she defrauded the bank by inflating the number of Frank users from less than 300,000 to more than 4 million. Another bank executive previously said on the stand that JPMorgan hoped the Frank acquisition would give it quick access to many potential new customers in the 18-to-24 age demographic.