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JPMorgan to launch digital bank Chase in Britain next week By Reuters


© Reuters. FILEPHOTO: A reflection of workers is seen on the windows at JP Morgan’s Canary Wharf headquarters in London, September 19, 2013. REUTERS/Neil Hall/File Photo

LONDON (Reuters) -JPMorgan is set to launch its big assault on British high street banks and online lenders from next week, with the launch of its long-planned digital retail bank Chase.

JPMorgan (NYSE) will be the first foreign retail bank to open a smartphone app that offers current accounts. This was confirmed by a JPMorgan spokesperson.

Sanoke Viswanathan was the head of the online venture and told Financial Times on Friday that the bank plans to grow into investments and lending, as well expanding in other countries, if they are successful.

Interviews were confirmed by a spokesperson for JPMorgan.

JPMorgan follows Goldman Sachs (NYSE) to the market. Goldman Sachs is a rival in America that has been providing savings accounts for consumers in Britain since 2018.

The U.S. banks are looking to bolster lucrative but volatile returns in investment banking with steadier retail revenues, but face a competitive market dominated by incumbents including Lloyds (LON:), Barclays (LON:), NatWest and HSBC.

This will allow it to compete with relative newcomers like Starling and Monzo.

JPMorgan bought Nutmeg digital wealth manager Nutmeg in Britain earlier this year for 700 million pounds (966 million). This purchase is part of its strategy to appeal to a growing number pandemic-era savings.

($1 = 0.7247 pounds)

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