It’s currently reported that Amazon is looking to hire someone to lead their newly-formed lending division. Yes, Amazon owns Whole Foods and soon may own Rocket Mortgage which is owned by Quicken Loans.
If Amazon were to jump in the real estate mortgage business, or banking industry in general, Amazon could become the third-largest bank in America. In a Bain study:
“Amazon could grow to more than 70 million U.S. consumers over roughly 5 years, rivaling Wells Fargo……
Why would Amazon want to get in the banking business?
Well for starters, Amazon could evade more than $250,000,000 in credit exchange fees every year, if it found a bank to partner with. More information see the videos below:
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