JPMorgan will discontinue its digital robo-advisor product

JP Morgan Chase & Co. is shutting down its automated investing service in the second quarter of 2024.

In a statement provided to Barron’s, the bank shared that the unit did not perform as expected. “The robo-investing business did not take off in the wealth industry as expected. It hasn’t scaled or become profitable for many, including us. We believe our self-directed and advisor-led platforms offer great alternatives to our clients and are focusing our resources there.”

Automated investing accounts will be converted to self-directed investing accounts when the bank closes the robo accounts.

The bank introduced its robo-advisor product in 2019.