cxLoyalty will operate as a business unit within JPMC
JPMorgan acquires major credit card rewards business. Source: shutterstock.com
cxLoyalty Group Holdings has entered into a definitive agreement to sell its Global Loyalty division to JPMorgan Chase & Co.
The deal includes cxLoyalty’s technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses. The transaction excludes cxLoyalty Group Holdings’ Global Customer Engagement division and other ongoing businesses.
The transaction is expected to close in the coming days, subject to customary closing conditions.
Upon closing of the transaction, Todd Siegel, who has been CEO of cxLoyalty Group Holdings since 2013, will transition to JPMC as CEO of cxLoyalty.
We’ve reported that JPMorgan Chase & Co plans on increasing up to 20% bonuses for some traders, Bloomberg reports. However, the company will freeze salaries for those employees with titles of vice presidents and above.
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