Sunday 22 November 2020 4:43 pm

JP Morgan pushes ahead with UK digital bank plans

US investment bank JP Morgan has reportedly promoted one of its top London employees to spearhead the launch of its digital consumer platform in the UK.

It has appointed Sanoke Viswavathan, previously chief administrative officer of technology and operations in its corporate and investment division, as the chief executive of its challenger bank. 

The company secured regulatory approval to launch its UK digital banking venue in the UK. 

It currently operates in the US consumer banking market as Chase, and is preparing to launch in the UK early next year, according to the Telegraph. 

In August it was reported that JP Morgan had appointed suppliers to provide cloud and digital banking infrastructure, including Amazon Web Services and 10x Future Technologies. 

The investment bank declined to comment at the time, and has not yet officially confirmed the existence of the UK personal banking project. 

A move into digital banking would allow the US giant to capture some of the millions of customers that have transferred from high street branches to online services during the coronavirus pandemic. 

The bank, which will launch under the Chase brand, is expected to be chaired by former Financial Conduct Authority executive Clive Adamson.

Adamson left the FCA in 2015, and has since held various non-executive roles at JP Morgan, including chair of its international business and non-executive director of JP Morgan Securities.

In 2018 the firm launched digital bank Finn in an attempt to enter the consumer banking market, however it was shuttered a year later after struggling to recruit customers.

City A.M. has contacted JP Morgan for comment.