Fidelity Moves into the FinTech Age With New Partnership
FidelityFidelity is ending its partnership with credit card company American Express and the Bank of America Corporation, “a 12-year partnership that has generated billions of dollars in fees,” according to Reuters. This is another blow in a series of setbacks for American Express, which recently lost its partnership with Costco Wholesale Corporation. According to Reuters, American Express reported that the loss of the Costco partnership would hurt the credit card company’s profits for two years. Now, losing its deal with Fidelity, American Express’ future looks even more bleak. However, an American Express sokesperson claimed that Fidelity accounted for less than 1 percent of billings, hinting that the loss might not be so devastating. Furthermore, a spokesperson from Bank of America said that the termination of the partnership was a mutual decision.
http://bitcoinist.net/fidelity-drops-long-time-partners-to-bring-in-bitcoin-competitors/
