A customer feels frustrated in the aftermath of the deal with Walmart Fintech

Hello. It is Dan DeFrancesco checking in from NYC.

Today, we’ve got stories on JPMorgan’s new affordable advice, BofA’s back-to-the-office push and the best costumes from top celebrities.

But first we have some changes to your service.

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1. Those left behind

Having your bank acquired by the country’s largest retailer can seem like an exciting opportunity. More resources plus a greater range can mean a lot of great new benefits. Maybe even a cool new loyalty program? Who doesn’t love points?!

But for many customers at One, the reality is not nearly as fun.

In January, the Walmart-backed fintech venture Hazel acquired digital bank One and adopted the name. The following months have seen the One change or remove popular features, sometimes with little or no notice, Insider reports.

From closing credit lines to removing budgeting features, One customers told Insider they’ve been frustrated to see some of the tools that drew them to the bank retired.

“It’s confusing to see Walmart buy a bank like One — a bank trying to separate itself from the big players in the banking industry — only to slowly and painfully rip away all the features that made it interesting,” one user told Insider.

Insiders Carter Johnson and Ben Tobin, who reported the story, tell me that as difficult as these changes have been for One users, they’re somewhat expected. Walmart has 1.6 million employees and a customer base of roughly 100 million, which will serve as a massive launch pad for One. It was never practical for One to remain the same while trying to serve a much wider audience.

And while One has been extremely tight-lipped about what types of features or services it will offer, the fact that it’s ditching One could, to some extent, be a sign of bigger things to come.

More generally, what One customers are going through should be a signal to the rest of the industry, Carter and Ben point out.

Neobanks often market themselves to customers with their unique characteristics, sometimes targeting a specific demographic. But as these banks look to grow, they need to appeal to a wider audience, forcing them to rethink the types of tools and services they can support.

Read our full deep dive into how One customers are feeling frustrated by changes made to their bank in the wake of the acquisition.

In other news:

2. JPMorgan would like you to call them. The bank is rolling out a new program where customers with at least $25,000 in investable assets can chat via phone or video with advisers. Here is more information on how it fits into the US asset management manager Kristin Lemkau’s strategy.

3. The ongoing feud between billionaire investor Dan Och and Sculptor Capital Management CEO Jimmy Levin is heating up. In a recent filing, Och, who had originally selected Levin to be his successor at the hedge fund, cited a “personal issue” as why he ended up going back on his decision, Bloomberg reports.

4. If you’re a Bank of America merchant, it’s time to restore that commuter card. The bank’s global marketing staff were informed that they can only work remotely two days a month, Bloomberg reports. BofA has been pushing to get people back into the office since this summer, as Insider previously reported.

5. The banks that helped finance Elon Musk’s deal for Twitter are playing the waiting game. Morgan Stanley, Bank of America and the other lenders are willing to wait until the New Year to relieve the debt of $12.7 billion they have linked to Twitter, the Financial Times reports. Here’s why.

6. If you’re in the market for a Swiss lender, keep it moving. Credit Suisse chairman Axel Lehmann said the bank is not for sale and wants to remain independent. Read more of his comments from his interview with Bloomberg Television.

7. Opendoor pulled out to try to offload houses in Q3. From generous incentives to reduced prices, here’s what the San Francisco-based firm did to avoid major losses.

8. Michael Novogratz’s Galaxy Digital plans to make some cuts. The former Goldman Sachs partner’s firm is considering a 20% reduction in headcount, CoinDesk reports.

9. The former CEO of CNN may end up in private equity. Jeff Zucker, who stepped down earlier this year from his role as president of CNN, is in talks to join RedBird Capital Partners to run a $1 billion fund focused on sports, The Ankler reports.

10. If you’re still in the spirit, here are the 47 best Halloween costumes worn by celebrities. Thanks to Heidi Klum for going all in.

Correction: In Tuesday’s newsletter, we mischaracterized Sachin Devand’s role at American Express. Devand will be focused on web, mobile, data and machine learning, and not lead Amex’s cloud products and tools

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Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.