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JPMorgan in Talks to Divest AARP Card Portfolio Worth $1B (Revised)
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JPMorgan (JPM - Free Report) intends to sell one of its credit-card portfolios, with about $1 billion in receivables, which was built in partnership with a non-profit organization AARP. This was first reported by Bloomberg, citing persons familiar with the matter.
AARP, which was earlier recognized as the American Association of Retired Persons, comprises 38 million members. JPMorgan and AARP have roughly 30 years of partnership.
JPMorgan’s AARP rewards card, provides its users with benefits like 3% cash back on dining and gas purchases, and 1% on all other purchases. This portfolio has attracted the attention of Columbus, OH-based Alliance Data Systems Corp. . Alliance Data Systems has been undertaking efforts to build its private-label credit-card and payments businesses.
Nonetheless, as talks are still private, there is no official confirmation of the same.
The latest move seems to be part of JPMorgan’s efforts to further improve its operating efficiency. The company, with nearly $158 billion worth of card loans as of Jun 30, 2019, is undertaking measures to strengthen its credit card operations.
Also, the bank has been opening branches in new regions. This will not only fortify its retail presence but also support the bank’s cross-selling opportunities in the cards and auto loan businesses.
Shares of this Zacks Rank #3 (Hold) company have rallied 11.9% year to date, outperforming the industry’s rise of 9.1%.
Stocks to Consider
Hilltop Holdings Inc. (HTH - Free Report) has been witnessing nearly 2.2% upward earnings estimate revisions for the past 30 days, with the company’s shares jumping 29.2%, year to date. The stock flaunts a Zacks Rank of 1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Limestone Bancorp, Inc.’s estimates remained unchanged over the past seven days. The company’s shares have gained 6.9%, year to date. Currently, it sports a Zacks Rank #1.
(We are reissuing this article to correct a mistake. The original article, issued on August 28, 2019, should no longer be relied upon.)
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JPMorgan in Talks to Divest AARP Card Portfolio Worth $1B (Revised)
JPMorgan (JPM - Free Report) intends to sell one of its credit-card portfolios, with about $1 billion in receivables, which was built in partnership with a non-profit organization AARP. This was first reported by Bloomberg, citing persons familiar with the matter.
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AARP, which was earlier recognized as the American Association of Retired Persons, comprises 38 million members. JPMorgan and AARP have roughly 30 years of partnership.
JPMorgan’s AARP rewards card, provides its users with benefits like 3% cash back on dining and gas purchases, and 1% on all other purchases. This portfolio has attracted the attention of Columbus, OH-based Alliance Data Systems Corp. . Alliance Data Systems has been undertaking efforts to build its private-label credit-card and payments businesses.
Nonetheless, as talks are still private, there is no official confirmation of the same.
The latest move seems to be part of JPMorgan’s efforts to further improve its operating efficiency. The company, with nearly $158 billion worth of card loans as of Jun 30, 2019, is undertaking measures to strengthen its credit card operations.
Also, the bank has been opening branches in new regions. This will not only fortify its retail presence but also support the bank’s cross-selling opportunities in the cards and auto loan businesses.
Shares of this Zacks Rank #3 (Hold) company have rallied 11.9% year to date, outperforming the industry’s rise of 9.1%.
Stocks to Consider
Hilltop Holdings Inc. (HTH - Free Report) has been witnessing nearly 2.2% upward earnings estimate revisions for the past 30 days, with the company’s shares jumping 29.2%, year to date. The stock flaunts a Zacks Rank of 1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Limestone Bancorp, Inc.’s estimates remained unchanged over the past seven days. The company’s shares have gained 6.9%, year to date. Currently, it sports a Zacks Rank #1.
(We are reissuing this article to correct a mistake. The original article, issued on August 28, 2019, should no longer be relied upon.)