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Edward Jones Scraps Bank Bid

Edward Jones has dropped its application to launch a Utah-based industrial bank, according to a regulatory filing. So reports Banking Dive.

Edward JonesThe company said in a filing with the Securities and Exchange Commission that it withdrew its application due to “the current environment” and after “recent conversations” with the Federal Deposit Insurance Corp.

Edward Jones said in the filing that it is still “actively pursuing additional strategies, products, structures and relationships to meet clients’ saving, spending and borrowing needs and help clients achieve financially what is most important to them.”

Read the full article from Banking Dive.

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