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Finance & Economics

JPMorgan acquires major credit card rewards business

Dec 30, 2020

cxLoyalty will operate as a business unit within JPMC

JPMorgan Chase

JPMorgan acquires major credit card rewards business. Source:?shutterstock.com

cxLoyalty Group Holdings has entered into a definitive agreement to sell its Global Loyalty division to JPMorgan Chase & Co.

The deal includes cxLoyalty’s technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses. The transaction excludes cxLoyalty Group Holdings’ Global Customer Engagement division and other ongoing businesses.

We are pleased to announce this compelling transaction, which provides significant benefits for our clients, customers, employees and other stakeholders. We have built two strong, distinct businesses, and we look forward to enhancing their focus on their unique strategic priorities and market opportunities. We anticipate the transition to be seamless. Our employees have worked tirelessly to achieve this milestone, and thanks to their efforts we are positioning both cxLoyalty and the Global Customer Engagement Division for an even stronger future
Todd Siegel, Chief Executive Officer of cxLoyalty Group Holdings

The transaction is expected to close in the coming days, subject to customary closing conditions.

Upon closing of the transaction, Todd Siegel, who has been CEO of cxLoyalty Group Holdings since 2013, will transition to JPMC as CEO of cxLoyalty.

We’ve reported that JPMorgan Chase & Co plans on increasing up to 20% bonuses for some traders, Bloomberg reports. However, the company will freeze salaries for those employees with titles of vice presidents and above.

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