JP Morgan’s Greek Tragedy

Bank could suffer a big loss after two years of battles with fintech founder

JPMorgan Chase’s $917 million investment in a Greek fintech company has gone so wrong that the bank last year offered to sell back half of its stake at a valuation of $175 million.

The fintech, Viva Wallet, didn’t take the offer. JPMorgan responded with a lawsuit that accused Viva’s founder of bullying and threatening its representatives. It demanded its full investment back, plus interest. Whoever wins this fight, the deal is another example of the giant bank’s sometimes flawed efforts to grow even bigger.