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UK banks to face more competition as JPMorgan Chase plans 2021 launch - report

Last year, the Wall Street bank shut down its online-only brand, Finn, after not many customers signed up

JPMorgan Chase & Co -

More competition is on the way for UK banks as JPMorgan Chase & Co (NYSE:JPM) is planning to launch a digitally-led consumer bank early next year.

Following the appointment of former Chancellor of the Exchequer Sajid Javid as an adviser and three years after the launch of Goldman Sachs’ Marcus UK bank, US rival JPMorgan is reported to be looking at 2021 for its own launch. 

The Wall Street bank is working with back-end tech suppliers including former Barclays chief Antony Jenkins’ 10x Future Technologies, according to Sky News.

JPMorgan will launch its UK consumer bank under the Chase brand, Sky said, with chaired by the Financial Conduct Authority’s former director of supervision, Clive Adamson.

Last year, JPM shut down its Finn online-only brand after not many US customers signed up.

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NYSE:JPM
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Market Cap: $359.29 billion
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