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Amazon may be going into banking business, claims report

March 7, 2018

Amazon, J.P. Morgan and Capital One Financial are reportedly teaming up on a checking account initiative to attract the younger consumer.

A Fortune report, citing the Wall Street Journal, claims the three companies are mulling the banking service, but it would not mean Amazon would be opening a banking division. It also stated talks are in the very preliminary stage and the idea "may not come to fruition."

Amazon is partnered with J.P. Morgan on its co-branded credit card, and is working with J.P. Morgan and Berkshire Hathaway on creating a non-profit healthcare entity.