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JPMorgan to Open Digital Retail Bank in UK
Summary: JPMorgan Chase will open the first overseas retail bank in its 222-year history next week, with the launch of a digital-only lender that aims to upend the UK banking market, according to Financial Times. Sanoke Viswanathan, head of JPMorgan’s newly formed “international consumer” division, said the biggest bank in the US would invest heavily to ...
JPMorgan Chase will open the first overseas retail bank in its 222-year history next week, with the launch of a digital-only lender that aims to upend the UK banking market, according to Financial Times.
Sanoke Viswanathan, head of JPMorgan’s newly formed “international consumer” division, said the biggest bank in the US would invest heavily to turn Chase into a serious force in the UK before potentially expanding into other countries in Europe and Latin America.
“This is a very big strategic commitment from the firm’s standpoint,” he said in an interview in the bank’s Canary Wharf headquarters. “We will spend hundreds of millions before we get to break-even and get to a place where this is a sustainable business, and we’re not in a rush.”
Chase will initially offer only current accounts with a rewards programme, but intends to quickly expand into areas including personal lending and investment, and eventually even mortgages.
By Amy Liu
Tags: Digital Retail Bank,JPMorgan,UK
Link: JPMorgan to Open Digital Retail Bank in UK [Copy]
