The digital bank has already created 400 new jobs across its offices in London and Edinburgh.
American banking giant JP Morgan finally confirmed yesterday that it will launch its Chase digital bank here in the UK.
The move comes after months of speculation on whether or not it would take the plunge into the already crowded UK digital banking market.
JP Morgan said the mobile banking app would reach the UK market sometime in 2021, with the app having been tailored to the wants and needs of its potential UK customers.
“We are bringing Chase to the UK because we want to provide customers with a new banking choice–one that will enable them to benefit from a simple and exceptional banking experience, built on the significant capabilities of JPMorgan Chase,” said Gordon Smith, CEO of consumer and community banking and co-president of JP Morgan Chase.
“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.”
JP Morgan said it has already created 400 jobs, with scope to add even more roles, in its headquarters in Canary Wharf and contact centre in Edinburgh.
Daniel Pinto, JP Morgan Chase’s London-based co-president, added: “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.”
“This new endeavour underscores our commitment to a country where we have deep roots, thousands of employees and offices established for over 160 years.”
As JP Morgan Chase is already licenced to operate in the UK, the bank doesn’t have to jump through the FCA and PRA’s hoops to comply with the necessary regulation.
To head up the new UK-based entity, Sanoke Viswanathan has been appointed CEO of the Chase digital bank, with the executive having previously been chief administrative officer and head of strategy at JP Morgan’s Corporate and Investment Bank for the best part of a decade.
Across the pond, JP Morgan Chase is one of the biggest consumer banks in the US, serving nearly half of all households and has 55m digitally active customers. a