JP Morgan is set to launch a new digital bank in the UK, challenging the dominance of established high street lenders.
The venture will operate under its consumer brand, Chase, one of the largest consumer banks in the US.
The Chase mobile app will compete with UK challenger banks such as Monzo, Starling and Revolut in an attempt to grab market share from established lenders.
The bank has hired 400 staff ahead of the launch, which will be headquartered in Canary Wharf.
The rumoured project was known as “Project Dynamo” by staff in JP Morgan's headquarter for two years, according to reports.
JP Morgan is not the only bank to have moved into the British retail banking sector; in 2018 Goldman Sachs introduced digital savings accounts to the UK under its Marcus brand.
JP Morgan said it plans to offer a “new take” on current accounts, highlighting a new contact centre in Edinburgh.
The UK Chase platform is being built from scratch and is expected to launch within months after completing internal testing.
“The UK has a vibrant and highly competitive consumer banking marketplace, which is why we’ve designed the bank from scratch to specifically meet the needs of customers here,” said Gordon Smith, co-president, JP Morgan.
Daniel Pinto, JP Morgan’s London-based co-president, commented on the move: “Our decision to launch a digital retail bank in the UK is a milestone, introducing British consumers to our retail products for the first time.”
He added: “This new endeavour underscores our commitment to a country where we have deep roots, thousands of employees and offices established for over 160 years.”
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