Emily Glazer
speaker
219 appearances
3 recordings
1 series
first heard Aug 2017
last heard Jan 2021
Emily Glazer’s voice in public audio — every appearance, attributed to the second.
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Appearances
Morgan executives have said that
and acknowledged that it won't make money right away.
CEO Jamie Dimon at one point said, you know, it could take seven years, and that certainly the acquisition cost for each customer has to be expensed over 12 months.
He said the benefit comes over seven years.
So it is a long-term bet, but even to see that there are cracks in it are certainly something that
competitors are happy about, to put it simply.
It's a great question.
And the truth is, from our reporting, we found out that there are certain models inside the bank that aggressively track different metrics.
We've talked about some of them.
net interest income, and if the bank is making money off balances that are not paid.
Another one they're keeping a close eye on are renewal rates.
Another one is just how customers are spending, and a lot of them are using the bonus point advantages for spending on travel and dining, which means JPMorgan has to foot the money to get customers those extra bonus points that they could then use toward travel.
So there's been aggressive tracking on all these different metrics.
And what we're seeing and what we're hearing, rather, is that it's not panning out the way the bank thought it would.
So they've had to make adjustments.
They've certainly cut down on the initial bonus.
They've cut down on a certain annual travel credit that they give customers.
It used to be that customers would get a $300 annual credit.
So if they signed up in a certain year, they could get it for, you know, let's say you signed up in October 2020.
You could get a 2016 credit and then also get one for 2017.
Showing 181–200 of 219 · page 10 of 11
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