BlackBerry losing cachet on Wall Street?
Wall Street managers were the original CrackBerry addicts. And Research in Motion could long count on Wall Street as its strongest redoubt. But is BlackBerry finally losing its cachet at big banks, as the iPhone and Android phones slowly carve out more mind share?
Wells Fargo (NYSE: WFC) recently took the Apple plunge, and executives can't wait to get iPhones. Other firms, like Morgan Stanley (NYSE: MS), are embracing the iPad for client applications. RIAs are certainly on board. So we shouldn't be surprised that no less than JPMorgan Chase (NYSE: JPM) is experimenting with the iPhone and Android phone for internal use. UBS (UBS news) is also said to be considering alternatives to the BlackBerry.
JPMorgan "is testing for security in batches of a few hundred devices with a decision expected later this year," reports Bloomberg. The bank doesn't plan to buy iPhones or Android phones for employees, as it now does with BlackBerrys. Rather, "the bank would allow employees to use the devices to send and receive corporate e-mail if they make the purchase themselves," notes Bloomberg.
That counts as a toehold. It seems that Apple finally has some major momentum in the financial service enterprise. It's app platform may well be up for the challenge. This sure doesn't make life any easier for RIM.
- here's the Bloomberg article