American banking giant JPMorgan Chase is reportedly planning to foray into the consumer-banking market of Britain in the next few months.
Citing unknown sources, Sky News reported that JPMorgan Chase is planning to launch a digital consumer bank in the UK.
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A wide array of savings and loan products will be offered to consumers under the Chase brand name by the new venture.
The New York-listed bank, according to the report, is currently holding negotiations with British regulators to obtain necessary approval for the proposed venture.
According to the Sky News report, the new digital consumer bank is likely to be launched later this year.
JPMorgan Chase’s decision to foray into Britain’s personal banking market, which is known for fierce competition, may surprise many.
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By GlobalDataVery recently, German digital bank N26 gave up on the UK less than 18 months after launch. It blamed Brexit and said it is impossible to continue in the UK.
The forthcoming venture will compete with Goldman Sachs’ online-only bank Marcus, which was launched in September 2018 in the UK.
Marcus is open to UK savers aged over 18 and customers can deposit from £1 to £250,000.
Last month, reports emerged that JPMorgan Chase is planning to slash hundreds of jobs in its consumer banking division.
The move could affect approximately 1% of the staff from the consumer banking unit, Bloomberg reported citing undisclosed sources.
