BlackBerry maker hit where it hurts
JPMorgan Chase & Co. will give its investment bankers iPads to provide an additional mobile tool as Apple expands its domain to Wall Street, threatening Research In Motion in a market it traditionally dominated.
Apple is building on its momentum in the tablet space, leveraging its 95 percent market share to expand from its traditional consumer base into the corporate market as RIM readies a rival device, the BlackBerry PlayBook. The Canadian maker of smartphones is trying to catch up with Apple as banks including Morgan Stanley and Credit Suisse Group unveil applications for the iPad, and Citigroup and Bank of America consider letting employees use iPhones instead of Wall Street’s 11-year-old device of choice, the BlackBerry.
“Apple represents a clear and present danger for RIM going forward,” said Brian Marshall, an analyst at Gleacher & Co. “By and large we see people moving away from the BlackBerry platform in droves in favor of the iPhone and the iPad.”
JPMorgan will distribute iPads free of charge to all associates in its global investment banking division, the Nov. 24 e-mail shows.
Bankers will be able to access e-mails, contacts, calendar and attachments via Microsoft Outlook, as well as have the ability to mark up and annotate confidential documents and make client presentations, according to the e-mail.