JPMorgan Chase Acquires Major Credit Card Company
On Monday, JPMorgan Chase agreed to purchase the credit card rewards and travel operations of cxLoyalty Group, according to CNBC.
JPMorgan will acquire the technology platforms, travel agency, gift card, and points businesses of the private company from Connecticut. Of the company's 3,100 employees, around half will move to the bank's new retail division.
The “People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future,” said Marianne Lake, head of the bank’s consumer lending business, in a statement. “Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel.”
JPMorgan had previously partnered with cxLoyalty until 2018. After that, the bank switched to Expedia for its credit-card rewards program.
It seems the bank is bullish on the travel industry recovering in 2021.