- JPMorgan Chase & Co (NYSE:JPM) has quietly hired programmers and created products for new fintech businesses, CNBC reports.
- The business is known internally as “Project Bloom” because of its goal of helping early-stage private firms grow.
- Michael Elanjian, head of digital innovation for JPMorgan’s corporate and investment bank, runs Project Bloom.
- The new JPMorgan business has grown to ~80 employees operating stealthily in more than a half dozen cities globally.
- It looks to hire 200 employees for the private markets business by year-end.
- Project Bloom looks to create a one-stop digital portal for start-ups and venture capital firms, family offices, and other institutional investors.
- CEO Jamie Dimon aggressively invested in helping his bank battle fintech firms, and executives see an opportunity to create a private-markets winner before start-ups dominate the space.
- Price Action: JPM shares traded lower by 3.64% at $142.58 on the last check Monday.
