JP Morgan is preparing to launch a checking account in the UK in the fall – and wants customers to pay their salaries
JP Morgan is set to launch a UK checking account in the fall – and wants customers to pay their salaries into the account.
Sources said that the US investment banking giant is preparing to unveil the digital retail bank Chase within the next six months.
This will mark JP Morgan’s first entry into retail banking in Britain and come after his rival Goldman Sachs launched a Marcus savings account in 2018.
New move: US investment banking giant is preparing to unveil digital retail bank Chase over the next six months, sources said
A source close to the plans said Chase will differ from Marcus because she hopes clients will transfer their salaries to her digital checking account.
This would give it a plethora of spending and profit data, which it could use to sell products, such as credit cards and loans designed for specific customers.
It is understood that the Chase will be launched in the UK before being introduced across Europe and around the world.
The plan comes after JP Morgan suffered a backlash over his role in financing the European Premier League – a short-term, high-profile football breakup competition.
The bank has also come under fire in recent years for its links with Jeffrey Epstein, an American financier and convict sex offender who was a client of his private bank.
Preparations for the launch of Chase come as one of its technology partners, 10x Future Technologies, is believed to be close to finalizing a fundraising of around $ 100 million (£ 75 million). The company was founded by former Barclays president Anthony Jenkins in 2016.
JP Morgan declined to comment.