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JP Morgan to launch digital retail bank

JP Morgan is launching a UK digital retail bank, which will offer a “new take” on current accounts delivered via a mobile app.

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Delivered under the Chase brand, the bank is headquartered at Canary Wharf and has created 400 jobs to date, with more hires planned. Customers will be served by a purpose-built contact centre in Edinburgh. The UK Chase app is currently being piloted in an internal testing phase, prior to its public release.

 

Sanoke Viswanathan has been appointed chief executive of the digital bank, having previously been chief administrative officer and head of strategy at JP Morgan’s corporate and investment bank.

 

In the US, Chase is one of the largest consumer banks, serving nearly half of the country’s households.

 

Daniel Pinto, JP Morgan Chase’s London-based co-president, said: “Our decision to launch a digital retail bank in the U.K is a milestone, introducing British consumers to our retail products for the first time.”

 

Gordon Smith, chief executive of consumer and community banking and co-president of JP Morgan Chase said: “The U.K 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.”

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