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LONDON, Sept 17 (Reuters) - JPMorgan is set to
launch its big assault on British high street banks and online
lenders from next week, with the launch of its long-planned
digital retail bank Chase.
The venture - JPMorgan's first overseas retail bank - is set
to launch its smartphone app initially offering current accounts
on Tuesday, a JPMorgan spokesperson confirmed.
Sanoke Viswanathan, head of the online venture, told the
Times and Financial Times newspapers on Friday the bank planned
to expand into lending and investments as well as expand in
other countries if successful, starting with continental Europe.
The JPMorgan spokesperson confirmed the contents of the
interviews.
JPMorgan is following U.S. rival Goldman Sachs into
the market, which has been offering savings accounts to
consumers in Britain since 2018.
The U.S. banks are looking to bolster lucrative but volatile
returns in investment banking with steadier retail revenues, but
face a competitive market dominated by incumbents including
Lloyds, Barclays, NatWest and HSBC
.
It will also compete with a crowded field of relative
newcomers including Monzo and Starling.
JPMorgan bolstered its British venture earlier this year by
purchasing digital wealth manager Nutmeg for 700 million pounds
($966 million), as it aims to tap a growing band of pandemic-era
savers.
($1 = 0.7247 pounds)
(Reporting by Iain Withers Editing by Rachel Armstrong and Mark
Potter)
