New York-based JPMorgan Chase (NYSE:JPM) , the world’s sixth-largest bank with over $2.6 trillion in assets, has moved a step closer to introducing a wide range of personal banking products in the United Kingdom. The move would be similar to what Goldman Sachs has done with its digital bank Marcus – a bank that has captured billions of pounds in deposits.
JPMorgan, which is notably the world’s largest lender by market cap, is reportedly planning to introduce savings and loans products through its Chase brand in the UK in the coming months.
The financial services holding company will be conducting an investor day next week and will outline its growth and development strategy for the next few months. At present, it’s not clear if JPMorgan’s UK-based consumer banking initiative will be discussed during a forthcoming investor day.
JPMorgan has reportedly been holding discussions with City and banking regulatory authorities in order to obtain the required approvals before it launches its new services.
A report from Sky News states that JPMorgan’s new service will be introduced later this year.
According to sources familiar with the matter, the giant financial institution will most likely provide savings and current accounts, and various open banking services and loan products.
JPMorgan might also look into the possibility of entering the UK’s mortgage sector, however, this has not yet been confirmed.
Sources said JPMorgan’s new initiative will be managed by an executive that’s already employed by the bank.
JPMorgan has over 50 million digital banking clients in the United States and says that users can open a new account online within a few minutes.
JPMorgan and UK Aid confirmed last month that they would invest $15 million into the business operations of Catalyst Fund, a Boston-based project accelerator which funds Fintech firms in order to support financial inclusion efforts in India, Mexico, and South Africa.