London (Reuters)-JP Morgan Chase and Company (NYSE :) will launch a digital consumer bank under the Chase brand in the UK within a few months, a major US bank said Wednesday.
The bank said the new business has already hired 400 people and will offer a variety of products, including checking deposits.
The UK venture will be led by Sanoke Biswanasan, who has been appointed Chief Executive Officer. Viswanathan was formerly Chief Administrative Officer of JPMorgan’s Corporate and Investment Banking Corporation.
Digital Bank is headquartered in London’s Canary Wharf financial district and customers are supported through a new call center in Edinburgh.
Reports of the potential for JP Morgan to lean in the UK consumer market have been around for about a year, but banks have given little detail.
Gordon Smith, CEO of JPMorgan Consumer and Community Banking, said: “The UK has a vibrant and competitive retail banking market, so we designed our banks from scratch to meet the needs of our customers here.
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JP Morgan Launches UK Consumer Bank Within Months By Reuters
https://www.investing.com/news/stock-market-news/jpmorgan-to-launch-uk-consumer-bank-within-months-2400197 JP Morgan Launches UK Consumer Bank Within Months By Reuters