12/28/2020, 7:02 PM (Source: TeleTrader)
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JPMorgan buys credit card rewards group cxLoyalty

JPMorgan Chase said on Monday it decided to acquire the technology platforms, travel agency, gift card and points businesses of cxLoyalty Group hoping that the situation in the travel sector will rebound after the coronavirus pandemic ends.

JPMorgan agreed to take approximately 3,100 company’s employees with the transaction closing this week.

Marianne Lake, head of the bank’s consumer lending business stated: "People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future. Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel."

Breaking the News / TF