{"id":4926,"date":"2026-03-13T14:24:04","date_gmt":"2026-03-13T18:24:04","guid":{"rendered":"https:\/\/thebulletinjournal.com\/?p=4926"},"modified":"2026-03-16T14:27:37","modified_gmt":"2026-03-16T18:27:37","slug":"jpmorgans-post-svb-push-into-startup-banking","status":"publish","type":"post","link":"https:\/\/thebulletinjournal.com\/?p=4926","title":{"rendered":"JPMorgan\u2019s Post-SVB Push Into Startup Banking"},"content":{"rendered":"\n<p>JPMorgan Chase\u2019s renewed bet on <strong>startup banking<\/strong> traces back to a single weekend in March 2023, when regulators asked whether the bank wanted to buy Silicon Valley Bank. The answer was no. But the chaos created a different opening: JPMorgan could try to replace what had broken, while capturing clients who were already running toward the largest balance sheet in U.S. finance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Weekend That Rewired Priorities<\/h2>\n\n\n\n<p><strong>Doug Petno<\/strong>, now co-head of the commercial and investment bank, recalled being pulled into the crisis at a New York retirement party on <strong>March 9, 2023<\/strong>, when <strong>Jamie Dimon<\/strong> called him over to join a regulator call. Within days, California seized SVB after it hemorrhaged deposits, including a reported <strong>$42 billion<\/strong> outflow.<\/p>\n\n\n\n<p>Inside JPMorgan, leadership weighed the appeal and the risk of buying a wounded lender at the heart of the venture ecosystem. They walked away partly because they were already seeing a powerful, real-time migration: founders and finance teams were opening accounts at JPMorgan at a pace Petno described as \u201cthree years\u2019 worth\u201d in a single weekend, with onboarding teams working around the clock.<\/p>\n\n\n\n<p>That surge did more than add deposits. It changed how JPMorgan thought about the tech economy. Rather than simply inheriting an institution, the bank saw a chance to build its own franchise around innovators and their investors, and to do it in a way that fit JPMorgan\u2019s scale.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Serving Clients and Studying Them<\/h2>\n\n\n\n<p>For a firm that generated more than <strong>$180 billion<\/strong> in revenue last year and plans to spend nearly <strong>$20 billion<\/strong> on technology this year, the goal is not just to win accounts. Petno described the tech ecosystem as both a customer base and a sensor network.<\/p>\n\n\n\n<p>JPMorgan tracks emerging companies for practical solutions to problems banks live with every day, from cybersecurity defenses to new computing approaches. Petno said that when a client announces AI-driven job cuts, the bank sometimes sends a team to understand what really changed. The findings, he argued, are rarely a simple story of software replacing workers. Implementation of new AI agents can be only one piece, alongside earlier over-hiring and process inefficiencies.<\/p>\n\n\n\n<p>That feedback loop matters because the bank is trying to modernize how it serves fast-moving clients that expect consumer-grade onboarding and support, even as they handle complex treasury needs and large funding flows.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fixing the Friction That Founders Hated<\/h2>\n\n\n\n<p>JPMorgan started building a technology-focused client effort in <strong>2016<\/strong>, but early coverage skewed toward larger, more mature companies. Petno said that was partly because the bank lacked a digital experience that younger founders demanded, and it lacked enough specialized bankers to cover earlier-stage companies at scale.<\/p>\n\n\n\n<p>The complaints were consistent: opening an account could take too long, and payment issues could trigger old-school workflows such as branch visits. Petno summed up the modern expectation bluntly: if it takes more than <strong>15 minutes<\/strong> online, many prospects abandon the process.<\/p>\n\n\n\n<p>After SVB collapsed, JPMorgan moved quickly. It hired key talent from the former rival, including <strong>John China<\/strong>, who had been president of SVB Capital and now co-leads JPMorgan\u2019s innovation economy coverage alongside <strong>Andrew Kresse<\/strong>. Then another opportunity landed. By late April 2023, JPMorgan bid for <strong>First Republic<\/strong>, another California-based franchise with deep relationships in tech and wealth, and won.<\/p>\n\n\n\n<p>With learnings from both crises and First Republic\u2019s platform, the bank said it doubled revenue from its innovation economy activities in <strong>2023<\/strong>. JPMorgan also built internal triggers to route obvious signals into specialized coverage. Petno gave one example: a founder walking into a Chase branch with a large funding check may start in a standard account flow, but systems now flag the pattern and shift the relationship to the dedicated team.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Bigger Footprint and a Bigger Ambition<\/h2>\n\n\n\n<p>JPMorgan says it has expanded its innovation economy client base to nearly <strong>12,000<\/strong> companies, supported by about <strong>550<\/strong> bankers across both coasts. The bank would not disclose revenue figures, but Petno said growth is running well ahead of core business lines.<\/p>\n\n\n\n<p>Competition is intensifying. SVB is now owned by <strong>First Citizens<\/strong>. Digital-first platforms such as <strong>Mercury<\/strong> and <strong>Ramp<\/strong> have gained mindshare. Traditional players like <strong>Stifel<\/strong> and <strong>Customers Bank<\/strong> are active. Petno also pointed to how quickly the landscape can shift, noting that <strong>Capital One<\/strong> agreed to buy <strong>Brex<\/strong> for <strong>$5.15 billion<\/strong>.<\/p>\n\n\n\n<p>JPMorgan\u2019s strategy is to identify likely winners earlier, then grow with them. The payoff is not just deposits and payment volume. It is also the chance to provide higher-fee services over time, including capital markets guidance as companies scale.<\/p>\n\n\n\n<p>Petno\u2019s end-state is straightforward: a single institution that can support founders from the earliest funding rounds through global expansion, public markets, and the later-stage complexity that comes with being a household-name company. He argues that the bank\u2019s scale is the advantage, but he also acknowledges the remaining gap: the digital experience still needs to leap forward, and a new product effort is underway to do that.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase\u2019s renewed bet on startup banking traces back to a single weekend in March 2023, when regulators asked whether the bank wanted to buy Silicon Valley Bank. The answer was no. But the chaos created a different opening: JPMorgan could try to replace what had broken, while capturing clients who were already running toward<\/p>\n","protected":false},"author":7,"featured_media":4927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[1193,1505,1506,1500,1501,1508,1504,1507,1502,1503],"ppma_author":[42],"class_list":{"0":"post-4926","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-ai-agents","9":"tag-digital-onboarding","10":"tag-doug-petno","11":"tag-fintech-competition","12":"tag-first-republic","13":"tag-innovation-economy","14":"tag-jamie-dimon","15":"tag-jpmorgan-chase","16":"tag-silicon-valley-bank","17":"tag-venture-capital"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>JPMorgan\u2019s Post-SVB Push Into Startup Banking - The Bulletin Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thebulletinjournal.com\/?p=4926\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan\u2019s Post-SVB Push Into Startup Banking - The Bulletin Journal\" \/>\n<meta property=\"og:description\" content=\"JPMorgan Chase\u2019s renewed bet on startup banking traces back to a single weekend in March 2023, when regulators asked whether the bank wanted to buy Silicon Valley Bank. 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