JPMorgan Chase & Co has hired former HSBC executive Jeremy Balkin as head of fintech and innovation for wholesale payments, Reuters reports.
Balkin quit HSBC last month after six years leading the bank's strategic digital parternships. During his time at the bank, Balkin authored two books on fintech and innovation and was behind the deployment of humanoid robot Pepper in HSBC’s Fifth Avenue flagship New York branch
In his new role, Balkin will oversee fintech and innovation initiatives for wholesale payments, and be involved in JPMorgan’s decisions to invest or partner with companies that can help further its strategy in the space, the bank told Reuters.
In January, JPMorgan Chase CEO Jamie Dimon said incumbent banks should be "scared shitless" by fintech rivals, identifying payments as a key battleground.
JPMorgan’s wholesale payments division also recently appointed former BlueVine and PayPal executive Brad Brodigan as global head of small and medium business for merchant services, the bank said.