Why JPMorgan's card chief Allison Beer has quit
What's the story
Allison Beer, the head of JPMorgan Chase & Co's credit card business, is leaving the company for an "external opportunity." The news was confirmed by Co-President Troy Rohrbaugh in a memo to staff. He said a successor will be appointed in the coming weeks to take over the card and connected commerce business.
Growth trajectory
Beer instrumental in expanding bank's credit card franchise
Beer, a former American Express veteran who joined JPMorgan in 2017, has been instrumental in expanding the bank's credit card franchise.
Her efforts have included introducing products that directly compete with her previous employer, targeting travelers and big spenders.
Earlier this year, JPMorgan announced a deal to replace Goldman Sachs Group as the issuer of Apple's credit card.
Financial performance
JPMorgan attributes 'robust' growth to Q3 card services, auto financing
JPMorgan has attributed the "robust" growth of its card business to a 15% increase in revenue from card services as well as auto financing in the third quarter, year-on-year.
In his memo, Rohrbaugh praised Beer and her team for their significant contribution to the current state of the card business.
Strategic direction
Expanding footprint in customers' travel, dining, and shopping
Beer also led JPMorgan's strategy to expand its footprint in customers' travel, dining, and shopping.
CEO Jamie Dimon has often highlighted this approach as a way for the bank to not just process transactions but also help customers make decisions and get better deals.
At an investor conference in May, Dimon had cited Beer as one of the executives who could convince him to invest more money into a business if it promised good returns on investment (ROI).