JAKARTA – Next week JPMorgan will launch a major "attack" against high-end UK banks and online lenders, with the launch of digital retail bank Chase, which they have been planning for a long time.
The venture, being JPMorgan's first retail bank overseas, will launch a smartphone app initially offering checking accounts on Tuesday, September 21. This has also been confirmed by a spokesman for JPMorgan.
Sanoke Viswanathan, head of online ventures, told the Times and Financial Times newspapers on Friday, September 17, that the bank plans to expand lending and investment and expand further in other countries if successful. This invasion started from the European continent.
JPMorgan also followed US rival Goldman Sachs to enter the European market first and has been offering savings accounts to UK consumers since 2018.
US banks are looking to raise profitable but volatile returns in investment banking with more stable retail earnings, but facing a competitive market dominated by incumbents including Lloyds, Barclays, NatWest and HSBC.
They will also be competing against relatively crowded newcomers including Monzo and Starling.
JPMorgan strengthened its UK presence earlier this year by buying digital wealth manager Nutmeg for £700 million, aiming to tap into a growing pool of pandemic-era savers.
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