NEW YORK (TheStreet) -- J.P. Morgan (JPM) fell Tuesday after CEO Jamie Dimon said he expects companies such as Facebook (FB) and Google (GOOG) to challenge the company in the future as they try to provide online banking and money-sending services.
"We move $10 trillion a day," Dimon said Tuesday at the Euromoney Saudi Arabia conference in Riyadh, according to Bloomberg. "We're one of the largest payments systems in the world. We're going to have competition from Google and Facebook and somebody else."
Google already has Wallet, a payment system via smartphones, and The Financial Times reported last month that Facebook is trying for regulatory approval in Ireland for a service that would permit users to store money on the social networking site.
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Dimon also said regulators must choose whether they should supervise these types of companies providing financial services.
"There's no way that Google wants to be a regulated bank," he said.
The stock was down 1.51% to $53.40 at 3:46 p.m.
Separately, TheStreet Ratings team rates JPMORGAN CHASE & CO as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate JPMORGAN CHASE & CO (JPM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, attractive valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."