Image: CEO Jamie Dimon.Source: JP Morgan Chase
With the launch of its long-term digital retail bank Chase, JPMorgan plans to launch a major attack on UK High Street banks and online lenders starting next week.
JP Morgan’s first overseas retail bank, the venture, will launch its first smartphone app to offer its current account on Tuesday, a spokeswoman for JP Morgan confirmed.
Online venture director Sanoke Biswanasan told the Times and Financial Times on Friday that banks will expand not only to continental Europe and, if successful, to other countries, but also to lending and investment. He said it was a plan.
A JPMorgan spokesman confirmed the content of the interview.
Since 2018, JP Morgan has brought to market Goldman Sachs, a US rival that offers savings accounts to UK consumers.
U.S. banks seek to strengthen profitable but volatile returns in investment banking with stable retail revenues, but face competitive markets dominated by existing banks such as Lloyds, Barclays, NatWest and HSBC. doing.
It also competes with relatively crowded areas of newcomers such as Monzo and Starling.
JP Morgan strengthens UK venture earlier this year by buying digital wealth manager Nutmeg for £ 700 million ($ 966 million) with the goal of developing a growing band of pandemic rescuers Did.
($ 1 = 0.7247 pounds)
Report by Iain Withers Edited by Rachel Armstrong and Mark Potter.