Consumer products planned
JP Morgan Chase to take on UK retail banks with digital launch
New personal bank expected from New York bank (pic: Terry Murden)
Wall Street giant JP Morgan Chase, the world’s biggest bank by market value, is to take on Britain’s retail banks by launching a range of consumer services.
The bank will operate a digital bank for personal customers under the Chase brand.
It will launch a range of savings and loan products the UK in the next few months.
The move, reported by Sky News, could be confirmed at an investor day this week and will represent a major intervention into the market following the launch in recent years of Metro Bank and new digital brands.
In 2018 Goldman Sachs launched Marcus which has a more limited range of products.
Revolut, chaired by outgoing Standard Life Aberdeen vice chairman Martin Gilbert, is raising $500m (£381m) in equity that is being led by Technology Crossover Ventures.