JP Morgan scopes former regulator to head up UK digital bank
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US investment bank JP Morgan is said to have lined up a former City regulator to spearhead the launch of its digital bank in the UK.
Clive Adamson, who previously served as head of supervision at the Financial Conduct Authority (FCA), has been elected to chair JP Morgan’s new digital venture set to roll out later this year, the Financial Times reported last night.
Adamson left the FCA in 2015, and has since held various non-executive roles at JP Morgan, including chair of its international business and non-executive director of JP Morgan Securities.
America’s largest bank is set to launch a range of savings and loan products in the UK in the coming months, though further details are yet to be revealed.
In 2018 JP Morgan launched digital bank Finn in an attempt to enter the consumer banking market, however it was shuttered a year later after struggling to recruit customers.
Its move to launch a digital bank on this side of the Atlantic follows rival Goldman Sachs’ expansion into the UK banking sector with the rollout of its Marcus brand in 2018. Marcus brought in 250,000 British customers in its first year alone and currently holds more than £13bn in UK deposits.
JP Morgan did not respond to a request for comment.