JP Morgan to launch UK digital bank within months
JP Morgan will launch a digital consumer bank in the UK within months, the Wall Street giant confirmed today.
The new challenger bank will operate under the Chase brand and offer a range of products, including current accounts.
JP Morgan said its new business, which is based in Canary Wharf, had already hired 400 people and is planning further expansion.
“We are bringing Chase to the UK because we want to provide customers with a new banking choice — one that will enable them to benefit from a simple and exceptional banking experience, built on the significant capabilities of JP Morgan Chase,” said Gordon Smith, chief executive of consumer & community banking and co-president of JP Morgan Chase.
“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.”
JP Morgan confirmed the appointment of Sanoke Viswanathan as chief executive of its new digital bank.
Viswanathan formerly served as chief administrative officer and head of strategy at JP Morgan’s corporate and investment bank.
Reports about an upcoming move by JP Morgan into the UK consumer market have been circulating for the last year, but the bank has only now formally confirmed its plans.
Last year it was reported that JP Morgan had appointed suppliers to provide cloud and digital banking infrastructure, including Amazon Web Services and 10x Future Technologies.
The lender is reportedly lining up former Financial Conduct Authority executive Clive Adamson to chair the digital business, though this appointment has not been confirmed.
The new venture reflects efforts by the US giant to capture some of the millions of customers that have transferred from high street branches to online services during the coronavirus pandemic.