J.P. Morgan To Explore A Sale Of Its Corporate And Public Prepaid Card Business

J.P. Morgan announced today that it will explore a full range of options for its prepaid card business, including a sale. The prepaid card business includes all Corporate, U.S. Public Sector and Electronic Benefit Transfer (EBT) programs, as well as Health Savings Accounts (HSA). Additionally, the firm will no longer solicit or accept any new prepaid card business.

As the firm explores a sale, it will continue to fully support current clients and cardholder activities. Cardholders should continue to use their cards unless notified otherwise.

Chase customers, including cardholders of Chase debit, credit, Chase Liquid and commercial cards, are not affected by this decision.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Copyright Business Wire 2010