Finance
JPMorgan digital-investing service wipes out $5.5 billion online-broker market cap
-
JPMorgan announced Tuesday a digital-investing service
that has free trades and no account minimum. -
Online brokers’ stocks are getting hit hard on the
news. - JPMorgan shares are ticking higher.
Online brokers are under pressure Tuesday morning after
JPMorgan announced a digital-investing service that gives
users 100 free trades a year and has no account minimum.
The selling has wiped out $5.5 billion in market cap of the
biggest online brokers with Charles Schwab (-$2.64 billion) and
TD Ameritrade (-$2.18 billion) seeing the biggest impact.
JPMorgan shares are marginally higher.
Here’s a look at the scoreboard:
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