Amazon is reportedly poised to jump into yet another industry: banking. And that could be a win-win for everyone involved, according to Emily Glazer, the Wall Street Journal reporter who broke the [story](https://www.wsj.com/articles/are-you-ready-for-an-amazon-branded-checking-account-1520251200?reflink=e2twmkts).
“This idea of Amazon coming into the financial services as more of a partner than a disruptor is huge for the banks,” Glazer told Cheddar on Monday.
“Banks would have an...advantage of tapping into Amazon’s data [and] their technology.”
In return, Amazon could enter the financial space without “having to deal with the stringent regulations and capital restrictions...that come with becoming a bank.”
The tech giant is reportedly in talks with JPMorgan Chase to build a checking account-type product for its customers. Though still in its early stages, the idea is to serve a younger generation, particularly those who don't now have bank accounts.
Amazon has branched out far beyond its core online retail service and entrenched itself as an essential part of many consumers’ daily lives. But its access to such vast amounts of data is unlikely to scare off many customers, said Glazer.
“Millennials don’t care as much about privacy and security as other generations,” she said. “That’s why they’re using Venmo and not worried about Venmo selling their data.”
For the full interview, [click here](https://cheddar.com/videos/why-amazon-might-be-looking-to-team-up-with-big-banks).
Nestle is reportedly investing $100 million in food delivery startup Wonder Group.
Arturo Béjar testified before a Senate subcommittee on Tuesday about social media and the teen mental health crisis, hoping to shed light on how Meta executives, including Zuckerberg, knew about the harms Instagram was causing but chose not to make meaningful changes to address them.
Nike is suing two of its competitors for alleged patent infringement.
Uber missed analysts' projections for earnings per share and revenue this past quarter. Cheddar News takes a closer look at the numbers and explains what to expect for the rest of the fiscal year.
Cheddar News breaks down some of the top business stories to look out for, including WeWork's bankruptcy filing and fast-fashion retailer Shein reportedly expecting a $90 million valuation upon its market debut. Plus, a new EV truck will have a backup gas generator.
WeWork has filed for Chapter 11 bankruptcy protection.
Bumble, the female-focused dating app, announced that Whitney Wolf Hurd, the company's founder and CEO, will step down in January.
WeWork officially has filed for bankruptcy.
With interest rates high, housing inventory low and Veterans Day just around the corner, Cheddar News took a look at how the current market is impacting those who served and continue to serve our country. Patton Gade, national director of military lending with UMortgage, explains how a VA loan works, its benefits and what's involved in the process of purchasing a home.
Stocks were mixed in Tuesday's early session as Wall Street came off a strong rally last week.
