New York, New York-based JPMorgan Chase, a leading provider of banking and financial services, has announced the acquisition of the Global Loyalty Division of Stamford, Connecticut-based cxLoyalty Group Holdings, a provider of loyalty technology and programs.
The deal includes cxLoyalty's leading technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses. The company will integrate the newly acquired operations into the bank's Chase credit cards program.
According to a company spokesperson, "People across the globe want to vacation and travel again, and hopefully, that will become a reality for many in the near future. Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable, and confident to travel.”
What this really means is that the bank can do deals with hotels, airlines, and major destination venues to provide exclusive deals to its cardholders.
Personnel disruptions are forecast as "just under half of cxLoyalty’s employees, including Chief Executive Officer Todd Siegel, will move to join J.P. Morgan." An estimated 3,100 employees will be transitioned, with the rest facing layoffs.
The joke going around JPMC is that employees will now receive bonus points instead of actual bonuses.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?