Jamie Dimon wants you to know that Goldman Sachs isn’t the only tech firm on Wall Street. “We are a technology company, too,” Dimon told a group of overeager business students after the release of his magisterial letter to shareholders Tuesday. To underscore the now-obligatory point, Dimon cited some notable recent activity on JPMorgan’s mobile trading platform: “We had someone do a $100 million forex trade on their mobile phone.”
JPMorgan investment banking CEO Daniel Pinto expanded on the point in his own letter:
Eighty three percent of notional FX trading is now done electronically. We have seen a $100 million trade done on a mobile phone, and on peak days in 2016, $200 billion in FX was traded through our electronic channels, including our own J.P. Morgan Markets platform, which provides a range of services from research to pre- and post-trade reporting.
Forget skydiving or cocaine or whatever – you haven’t really truly lived until you’ve disregarded a Facebook notification and a Tinder message in order to move nine digits in the foreign exchange markets at the touch of a single pudgy thumb. All they need to do is teach Carl Icahn to use a cell phone and we'll be hearing about a billion-dollar mobile trade soon enough.
Someone made a $100 million trade on their cell phone [Business Insider]