UPDATE 1-JPMorgan to launch Chase digital bank in Britain next week
LONDON, Sept. 17 (Reuters) – JPMorgan is set to launch its grand assault on UK banks and online lenders starting next week, with the launch of its digital retail bank Chase.
The company – JPMorgan’s first overseas retail bank – is expected to launch its smartphone app on Tuesday, initially offering checking accounts, a JPMorgan spokesperson confirmed.
Sanoke Viswanathan, head of the online business, told The Times and Financial Times on Friday that the bank plans to expand into lending and investment, as well as other countries if successful, starting with l ‘Continental Europe.
The JPMorgan spokesperson confirmed the content of the talks.
JPMorgan has been following its US rival Goldman Sachs in the market, which has offered savings accounts to UK consumers since 2018.
U.S. banks are looking to bolster lucrative but volatile investment banking returns with more stable retail income, but face a competitive market dominated by incumbents such as Lloyds, Barclays, NatWest and HSBC.
It will also be competing with an overcrowded group of relative newcomers including Monzo and Starling.
JPMorgan bolstered its UK business earlier this year by buying digital wealth manager Nutmeg for £ 700million ($ 966million) as it aims to tap into a growing pool of savers in the era of the pandemic.
($ 1 = 0.7247 pounds) (Report by Iain Withers edited by Rachel Armstrong and Mark Potter)