JPMorgan is preparing to debut its long-awaited digital retail bank Chase next week, launching a major assault on British high street banks and online lenders.
A JPMorgan spokeswoman confirmed that the initiative, which is JPMorgan’s first international retail bank, will debut its Smartphone app on Tuesday, initially offering current accounts.
Sanoke Viswanathan, the head of the online initiative, told the Times and Financial Times newspapers on Friday that if the effort is successful, the bank plans to grow into loans and investments, as well as expand into other nations, starting with continental Europe.
The contents of the interviews were confirmed by a JPMorgan representative.
JPMorgan is following in the footsteps of its American rival Goldman Sachs, which has been offering savings accounts to British consumers since 2018.
The US banks are aiming to supplement profitable but volatile investment banking profits with more stable retail revenues, but they face stiff competition from incumbents like Lloyds, Barclays, NatWest, and HSBC.
It will also face off against a slew of relative rookies including Monzo and Starling.
JPMorgan reinforced its British endeavor earlier this year by buying Nutmeg, a digital wealth manager, for 700 million pounds ($966 million) in order to access a rising group of pandemic-era savers.
