JP Morgan is launching a digital bank in the UK
America’s largest lender JP Morgan is launching a digital bank in the UK to poach customers from traditional high street institutions.
The Wall Street giant’s bank, under its Chase brand, will be accessed through a mobile phone app.
It is its first banking product in the UK for normal current account holders, and it follows in the footsteps of its major rival Goldman Sachs, which launched its Marcus bank in 2018.
JP Morgan said the bank has already created 400 jobs in the UK, and it has more hires planned.
Co-president Gordon Smith said: ‘The UK has a vibrant and highly competitive consumer banking marketplace, which is why we’ve designed the bank from scratch to specifically meet the needs of customers here.’