JP Morgan has reportedly unveiled plans to double the workforce of its UK digital bank Chase.

The online-only bank currently has 1,000 UK based employees.

The bank's chief executive Sanjiv Somani told Reuters that it aims to increase its workforce to 2,000 employees across the next two years.

The move comes despite the Chase experiencing some losses and investor scepticism, said the report.

The news follows today's announcement by Chase which revealed that it now has more than one million UK customers, nearly a year after it first opened in October 2021.

Chase now holds over £10 billion in customer deposits in the UK and has processed approximately 92 million card and payment transactions since its launch last year.

The firm announced plans to buy Nutmeg, the UK-based digital wealth management platform, before its launch in June last year.

Chase said that the move will form part of an extended investments offer for Chase customers.

In the past six months, it has also added a new savings product, run a refer a friend programme, and made enhancements to its current account.

“We set out to offer customers good value banking products with a straightforward experience delivered through an easy to use app, and we’re excited that consumers have responded so positively to our offer in our first year,” said Sanjiv Somani, UK chief executive of Chase and Nutmeg. “This is just the beginning and, as we broaden our product offering and fully integrate the investment products offered by Nutmeg, we look forward to playing a wider role in the financial lives of our customers in the future and supporting the communities we serve.”

Share Story: