The news: Edward Jones is making a second attempt to launch its own bank, per Investment News. Its parent company has filed an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions after withdrawing its previous effort in 2022.
The goal: The new institution would be FDIC-insured, based in Utah, and operate as a wholly owned subsidiary under the parent company, The Jones Financial Companies. In a statement, the company said it intends to:
- Simplify clients’ financial lives by integrating services.