Edward Jones pulls plug on bank plans
The brokerage giant cited talks with the FDIC and market conditions
The parent company of brokerage giant Edward Jones is dropping plans to form its own bank.
Jones Financial says it's withdrawn the applications it filed more than two years ago with the Federal Deposit Insurance Corp. and Utah regulators for a planned Utah-chartered industrial bank.
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Provo, Utah, has become the country’s latest tech hub, taking talent from tech-heavy cities like San Francisco with factors like cost of living and the beautiful scenery contributing to the appeal. (iStock / iStock)
In a brief filing with the SEC, Jones cites recent talks with the FDIC and the current financial environment.
The St. Louis firm had previously said establishing its own bank would help Edward Jones better serve clients' needs for saving, spending and borrowing.