JP Morgan Chase bank will expand into Europe and across the world if successful
JP Morgan Chase is set to launch a new digital bank as it seeks to become one of the largest lenders in the UK.
The ‘Chase’ bank will offer current accounts, in addition to savings, loans and other new products.
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Sanoke Viswanathan, chief executive of the venture, said JP Morgan needs to have “millions of customers over time” to be viable.
JP Morgan is seeking to disrupt established institutions in its bid to be “in the top few” banks in the UK.
With a market cap of close to $500bn, JP Morgan is the biggest bank in America.
As of now, it employs just under 20,000 people in the UK, where its functions centre mainly around investment banking.
The bank has made a substantial but undisclosed investment in Chase UK, according to The Times.