Chase Customers Bank on Dates; Connecticut May Cave on GE Taxes: Finance Winners and Losers

NEW YORK (TheStreet) -- Money has always been sexy, and a new survey from JPMorgan Chase (JPM) shows how its customers are incorporating banking into their dating lives. Pressure from General Electric (GE) has prompted Connecticut's governor to reconsider tax hikes and Bloomberg examines the divergent paths of the last two pure investment banks in the U.S., Goldman Sachs (GS) and Morgan Stanley (MS).


The couple that banks together stays together? Chase, the consumer banking unit of JPMorgan, found that 17% of customers surveyed used its mobile app while out on a date. Similarly, 39% of customers used the app while at a restaurant and 38% used the app while in a checkout line, likely to make sure they had enough to cover their bills.

The survey also found that a third of consumers rely more on mobile banking now than they did a year ago. While 70% of customers use mobile apps to check their balances, they are increasingly using apps to complete more traditional banking activities such as transfers (46%) and check depositing (64%).

Shares of JPMorgan gained 1.2% to $69.76.


Although Connecticut is facing a $116 million budget shortfall for the fiscal year ending June 30, it may not be raising taxes on businesses and top earners, Bloomberg reported. Gov. Dannel Malloy is proposing spending cuts rather than tax hikes that irritated some of the state's biggest employers.

GE and Travelers Cos. (TRV), also based in Connecticut, complained vehemently about the new levies and GE formed a committee to explore moving its headquarters elsewhere. 

As news of the Connecticut standoff spread, the manufacturing giant and other companies received letters from Texas Governor Greg Abbott inviting them to his state and promising a more favorable tax climate. New York made overtures as well.

Shares of General Electric rose 0.5% to $27.56.


Decades of consolidation in the finance industry as well as the tumult of the global crisis of 2008-09 has left the U.S. with only two stand-alone investment banks: Goldman Sachs and Morgan Stanley.

A recent Bloomberg report examines the personalities of each firm's CEO -- Lloyd Blankfein at Goldman Sachs and James Gorman at Morgan Stanley, as well as the trajectory of each bank in recent years.

As of 2014, investment banking accounted for 19% of Goldman Sachs' business and 15% of Morgan Stanley's. Where the firms really diverge, however, is in the size of their wealth management divisions, which account for just over half of Morgan Stanley's business and only 17% of Goldman Sachs'.

Meanwhile 44% of Goldman Sachs' business is in trading and 20% is in investments and loans, compared with 31% and 3%, respectively, at Morgan Stanley. 

Shares of Goldman Sachs closed up 0.8% to $218.28 while shares of Morgan Stanley increased 0.9% to $40.21.

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