While power brokers on Capitol Hill put Facebook’s Libra under the microscope this week, the yet-to-launch cryptocurrency is also getting its fair share of attention on Wall Street.
Both Citigroup and JPMorgan executives weighed in on the imminent crypto during their firm’s respective earnings calls, raising questions about how it could upend an increasingly important part of the business: consumer banking.
Within card businesses, Citigroup saw purchase volumes grow by more than 8%, while JPMorgan’s volumes grew by more than 11% to over $190 billion worth of quarterly volume. Goldman Sachs, which currently is ramping up heavier investment into its consumer business Marcus, is the only large U.S bank so far to report year-over-year profit in 2Q, according to the Wall Street Journal.