JPMorgan Loses Card Chief Allison Beer to ‘External Opportunity’
(Bloomberg) -- JPMorgan Chase & Co.’s Allison Beer, who runs a credit card business ranking among the world’s largest, is departing to work somewhere else.
Beer “has informed me of her decision to leave the firm for an external opportunity,” Co-President Troy Rohrbaugh told staff Friday in a memo, a copy of which was obtained by Bloomberg. The largest US lender will appoint a successor for the card and connected commerce business in the coming weeks, he said.
Beer, a veteran of American Express Co., joined JPMorgan in 2017 and has expanded its credit-card franchise, sometimes with offerings that competed fiercely with her former employer by targeting travelers and other heavy spenders. Early this year, JPMorgan reached an agreement to replace Goldman Sachs Group Inc. as the partner for Apple Inc.’s credit card.
The bank credited “robust” growth of card operations for boosting revenue from card services and auto financing 15% in the third quarter, compared with a year earlier.
“She and her team have played an important part in moving our card business to where it is today,” Rohrbaugh wrote in the memo. Barron’s reported the announcement earlier.
Beer also oversaw JPMorgan’s effort to play a greater role in customers’ travel, dining and shopping. CEO Jamie Dimon is known to tout that strategy, arguing that the bank shouldn’t just facilitate transactions, it should help customers make decisions and get better deals.
He mentioned Beer and another senior executive at an investor conference in May as examples of people who can persuade him to spend money promoting a business.
“Allison Beer can walk in my office and say, ‘We found a way we could deploy another $500 million in marketing today. Can we do it?’” Dimon told the audience. “And we go through the numbers. And my answer is, if it has a very good ROI, of course.”
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