JPMorgan Chase & Co. (JPM) to Launch Free Stock Trading Service

NYSE: JPM | JP Morgan Chase & Co. Common Stock News, Ratings, and Charts

JPM – Company will unveil a new trading service that will allow 100 free stock or ETF trades in the first year – CNBC.

The brokerage wars are about to heat up again, and JPMorgan Chase & Co. (NYSE:JPM) has just fired a major salvo. The investment giant is launching a new service at a price point that will undoubtedly capture attention: free. 

CNBC has the details on J.P. Morgan’s plans.

J.P. Morgan Chase is about to lob a grenade into the increasingly competitive world of retail investing.

The bank is rolling out a digital investing service next week that comes bundled with free or discounted trades, a sophisticated portfolio-building tool and no-fee access to the bank’s stock research. Anyone who downloads J.P. Morgan’s mobile banking app or uses its website can get at least 100 free trades in the first year.

The service will be known as You Invest. Customers with premiere level bank accounts with the financial giant, i.e. those with balances of $15,000 or more, will be eligible for free trades after the one-year promotional period wraps up. Chase Private Client account holders, who typically have holdings of $100,000 or more with the bank, will be eligible for unlimited trades.

Jed Laskowitz, a J.P Morgan veteran who runs You Invest, explained why the financial powerhouse thinks the time is right for a free offering. “There are customers out there who may not want to trust their credentials or their money to an app-of-the-month,” he explained. We’re thinking about what’s right for our customers, helping them get invested and stay invested and diversified.”

JPMorgan Chase & Co. shares were unchanged in premarket trading Tuesday. Year-to-date, JP Morgan Chase & Co. (JPM - Get Rating) has gained 8.87%, versus a 7.96% rise in the benchmark S&P 500 index during the same period.

JP Morgan Chase & Co. (JPM - Get Rating) currently has a POWR Rating of A (Strong Buy), and is ranked #1 of 11 stocks in the Money Center Banks category.

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