JP Morgan to roll out investing app with free trades

(Sharecast News) - JP Morgan Chase will launch a new low-cost digital investing service next week via an app that will include free trades, a portfolio building tool and access to equity research.The 'You Invest' app will be available to the bank's 47m mobile and online users and will grant 100 free stock or ETF trades for customers in their first year.You Invest will become a powerful competitor in what is already an aggressive investing landscape.JP Morgan Chase executives said the app will target people who have never invested before, such as millennials, as well as current bank customers who currently invest with other brokers.CEO Jamie Dimon hinted at the project two years ago after being inspired by Amazon Prime and its range of free services.According to CNBC Jed Laskowitz a JP Morgan veteran who runs You Invest said on the matter: "There are customers out there who may not want to trust their credentials or their money to an app of the month. We're thinking about what's right for our customers, helping them get invested, and stay invested and diversified."Shares Ameritrade, Charles Schwab and E-Trade fell on the news, while in London Hargreaves Lansdown were hit even though JP Morgan's chief private banking operations in the UK are focused on high net worth individuals, and its JPMorgan Cazenove investment bank.