For the biggest U.S. bank, the best way to fight Silicon Valley is to mimic it.
Bloomberg News reports that JPMorgan’s. new technology hub across the street from the Hudson Yards development on Manhattan’s West Side - a 125,000-square-foot space so vast it’s subdivided into five neighborhoods - has all the trappings of a startup: foosball tables, a game room, industrial decor and fridges stocked with sodas and snacks.
This is still a bank, though. The uniform of the mostly male workforce is a button-down shirt and slacks. On a recent tour, the game room, with its Xbox and electric guitars, was the site of intense work meetings. There are no pets as at Google. And those snacks? Not free.
Which may be just right. Bank apps appear alongside Uber, Seamless and Tinder on smartphone menus, but they’re for checking balances and paying bills, not doing cool things like magically summoning rides, food or dates. Still, consumers are conditioned by the ease of using these services, JPMorgan executives say.
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