Inside the Culture Clash at JPMorgan and WePay — The Information

When JPMorgan Chase struck a $400 million deal to buy WePay in late 2017, it pledged that the Bay Area fintech would become "Chase's payments innovation incubator in Silicon Valley," helping the country's biggest bank compete with surging startups Stripe and Square and payments companies like PayPal.

But it didn't all go to plan. As the bank tried to digest the acquisition, WePay employees experienced botched systems integration and bureaucratic roadblocks that contributed to a widespread resignation of the firm's leadership and engineering teams and led to a dramatically changed culture within the business, according to nearly a dozen former WePay workers who spoke to The Information. The friction of the acquisition underscores the difficulty that JPMorgan—a highly regulated megabank—faces in competing with the nimble fintech industry.

- or -

Already a subscriber?Log in here