JPMorgan Chase & Co. is planning to enter the U.K. consumer-banking market in the next few months, offering a range of savings and loan products under its Chase brand, according to bloomberg.
The Wall Street stalwart has been in discussions with regulators about securing the necessary approvals to operate in U.K. personal banking. Clive Adamson, former head of supervision at the Financial Conduct Authority and a non-executive director at JPMorgan Securities Plc, will helm the project, the Financial Times reported.
New York-based JPMorgan would be jumping into a consumer-banking market that’s in a state of flux. Fintech players such as Monzo Bank Ltd. and Starling Bank Ltd. have attracted millions of customers looking for alternatives to the traditional institutions such as HSBC Holdings Plc and Barclays Plc.
The prospective launch could also pit JPMorgan against Goldman Sachs Group Inc.’s online-only bank called Marcus, which opened in the U.K. in September 2018, though a City source said that JPMorgan was planning a wider range of products. Marcus, which offers savings accounts, is expected to add more services as it steps up its presence in Britain.
Fierce competition in the notoriously tough U.K. banking market may already be taking its toll. Last week, N26 GmbH, a German digital bank backed by investor Peter Thiel, announced it was withdrawing from Britain after four years. The company blamed Brexit for its retreat but the crowded marketplace may have been a factor as well. Another German digital bank, Fidor Bank, also quit the U.K. last year.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
