Sep 07, 2017
J.P. Morgan is bridging the gap between retail and technology through its newly announced joint venture called the Disruptive Commerce Group. The convergence between its consumer and retail and internet banking teams within the Corporate & Investment Bank will be led by internet banker Chris Grose and retail banker Jill Woodworth.
The move follows the increased amount of digital investments made by traditional retailers to boost their online presence. Recent deals, including Wal-Mart’s acquisition of Jet.com, ModCloth and Bonobos, PetSmart’s acquisition of Chewy, Target’s investment in mattress company Casper, and most recently, Amazon’s acquisition of Whole Foods Market, have highlighted the growing need to merge the retail and internet banking teams together.
The creation of the new team will formalize and streamline the process for such deals.