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JP Morgan to launch digital bank in the UK

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US banking giant JP Morgan is set to launch a digital challenger bank in the UK, nearly a year after denying reports of such a move.

The soon-to-launch digital bank under its Chase brand will see it offer UK customers a range of products and features delivered via “an innovative mobile app” and a “new take” on current accounts.

It will have its headquarters in Canary Wharf and a contact centre in Edinburgh and so far, more than 400 jobs have been created.

Gordon Smith, CEO of consumer & community banking and co-president of JPMorgan Chase, said: “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.

“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.”

The confirmation comes nearly a year after JP Morgan and Chase denied reports it was gearing up to launch a digital bank in the UK.

This will make it the second major US lender to enter the UK banking market.

In September 2018, Marcus, the retail banking arm of Goldman Sachs, launched a market-leading easy access account paying 1.5%. At the time, it was the highest rate seen in two years.

Since then, it has notched up 500,000 UK customers and holds £21bn of deposits.

In the States, Chase is one of the largest consumer banks serving nearly half of the country’s households, including 55 million digitally active customers.

JPMorgan Chase & Co. has assets of $3.4 trillion.

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