JPMorgan jointly owned Visa with other banks before they cashed out in a March 2008 initial public offering that was among the biggest in history.
Thursday 08, August 2019
Visa, rose to a market value of $348 billion this week, surpassing that of JPMorgan Chase & Co. for the first time, making the payments network the world’s most highly-valued financial firm outside of Berkshire Hathaway, reported Bloomberg.
Since March 2008, Visa’s stock has soared almost 1,500 per cent, while the KBW Bank Index has risen 15 per cent.
Ken Chenault, a Former Chief Executive Officer for American Express, in 2017 called the banks’ decision to break off card networks one of the biggest strategic blunders of the last 20 years.
The network offered the infrastructure for electronic payments just as digital commerce began to spark and its middleman role in transactions gives high profit margins with low costs and risks.