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September 28, 2022

JPMorgan to double staff at UK retail bank Chase

Financial services giant JPMorgan is looking to double its team at its UK retail arm Chase within two years, Reuters reported, citing Chase UK CEO Sanjiv Somani. 

Since its launch in September 2021, Chase is said to have attracted one million customers and more than £10bn in deposits. 

The British consumer bank marked the Wall Street bank’s foray into the overseas consumer banking market and the US major aims to expand it in other European markets with the same approach. 

“We want to be international, starting with the UK,” Somani told the news agency in an interview at the UK lender’s London headquarters. 

“You have to look at a ten-year view. If you look at anything shorter it will not lead to the right conclusion … The retail banking revenue pool is in the trillions, even outside the US.”

Chase’s chief declined to comment on where the bank might expand next. 

Earlier this month, the news agency reported that JPMorgan is hiring retail bankers in Germany in a bid to potentially launch there. 

Currently, Chase has 1,000 employees in the UK and according to Somani, this number is expected to double by the end of 2024. 

The retail bank, which offers current and savings accounts, is also planning to expand its products portfolio to include lending products by the end of 2023, he added. 

“The idea is in the medium term we want to be a full-service bank,” Somani said, adding Chase had no immediate plans to roll out branches.

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