Saturday 22 February 2020 2:59 pm

JPMorgan Chase set to launch UK digital consumer bank this year

JPMorgan Chase is close to launching a range of personal banking products in the UK.

The world’s biggest lender by market capitalisation is set to introduce savings and loans products using the Chase brand in the next few months, according to Sky News.

The New York-listed bank is due to hold an investor day next week and will set out growth strategy details. It is not clear whether the UK consumer banking venture will be on the agenda.

JPMorgan has held talks with City and banking regulators to ensure it has the required approvals ahead of the launch, sources told Sky.

The report claims the new service is likely to launch later this year.

An insider said Chase is likely to offer savings and current accounts along with a range of open banking services and loan products.

The US-based bank may also consider entering the mortgage market, although that is not yet clear.

Further details of JPMorgan’s plans are unknown at this stage.

However, it is understood that the project will be lead by an existing executive.

The bank has more than 50m digital banking customers in the US and claims customers can open an account online within five minutes.

JPMorgan’s has a market value of $431bn (£329bn).

It means the bank follows in the footsteps fellow Wall Street behemoth Goldman Sachs, which opened its consumer bank named Marcus in 2018.

JPMorgan has declined to comment.