JPMorgan has reportedly tapped up a former regulator to help it launch digital banking services into the UK market.
According to reports in the Financial Times over the weekend, Clive Adamson, a former head of supervision at the Financial Conduct Authority, has been chosen to chair JPMorgan’s neobank venture, which is said to be launching under the Chase brand later this year.
The move would see the world’s largest investment bank by market value enter the UK’s rapidly expanding consumer banking sector, taking on the likes of Monzo, Starling, Revolut and incumbent banks’ digital operatations such as NatWest’s Bo.
According to Sky News, which first reported the plans to launch Chase in the UK, the bank will launch a new range of savings and loan products. It follows the closure of Finn, a consumer banking venture launched in the US in 2018.
JPMorgan declined to comment on the reports.
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