Connect with us

Hi, what are you looking for?

Investing

JP Morgan brings Chase digital bank to UK

chase digital bank

JP Morgan plans to start a digital banking business in Britain, pitting it against the start-ups Monzo and Starling as well as Goldman Sachs, its Wall Street rival.

The lender, which is America’s biggest bank, said yesterday that a mobile banking app for consumers will launch in the UK under its Chase brand in the coming months.

It will start by offering a current account and debit card, although it is understood that JP Morgan aims to offer other products to British customers, including credit cards.

The announcement caps months of speculation about its plans for a bank in Britain. It will go up against the popular digital-only banks Monzo and Starling as well as Goldman, which launched its Marcus business in the UK in 2018. JP Morgan is planning a much broader range of services than Goldman, which only offers its British customers online savings accounts.

This will be the first time that the New York-based JP Morgan, which is led by Jamie Dimon, will have attempted to push its Chase consumer banking business outside its home market. Chase counts almost half of US households as customers.

JP Morgan has extensive operations in Britain through its asset management and corporate and investment banking arms, which employ about 19,000 staff here.

The bank, which will pilot the new app among its British staff, has been working on its plans for two years. It is understood that it will consider opening branches in the UK in future if they are needed to support the business.

Sanoke Viswanathan, 45, who has worked on the project since its inception, has been appointed chief executive of the venture, which will be based in London.

Clive Adamson, a veteran regulator who previously held top jobs at the Financial Conduct Authority and its predecessor the Financial Services Authority, will be chairman of the business. Sir Win Bischoff, the financier who was chairman of Lloyds Banking Group between 2009 and 2014, will also sit on its board.

JP Morgan has 400 people working on the business, which will have a customer contact centre in Edinburgh, and plans to hire more employees.

Gordon Smith, JP Morgan’s head of consumer and community banking, said: “The UK has a vibrant and highly competitive consumer banking marketplace, which is why we’ve designed the bank from scratch to specifically meet the needs of customers here.”

Read more:
JP Morgan brings Chase digital bank to UK

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Another Olympic gold medal for the Philippines is within reach after featherweight boxer Nesthy A. Petecio secured a spot in the finals at the...

Economy

Filipino flyweight boxer Carlo Paalam advanced to the quarterfinals of the flyweight division in the Tokyo Olympic Games after he defeated Mohamed Flissi of...

Economy

Filipino pole vaulter Ernest John Obiena advanced to the final round of the men’s event in the Tokyo Olympic Games after finishing among the...

Economy

Manila and nearby cities would go back to the strictest lockdown level from Aug. 6 to 20 amid a fresh surge in coronavirus infections...

Economy

The Philippine central bank will keep a supportive monetary policy amid a slower-than-anticipated economic recovery, its governor said on Friday.  “High-frequency indicators suggest that...

Economy

The Philippine central bank raised P100 billion on Friday as it fully awarded its short-term securities, with yields rising due to concerns about a...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!