JP Morgan is set to launch a UK current account in the autumn – and it wants customers to pay their salaries into the account.
Sources said the US investment banking giant is preparing to unveil its digital retail bank Chase within the next six months.
It will mark JP Morgan’s first foray into retail banking in Britain and comes after its rival Goldman Sachs launched its Marcus savings account in 2018.
New move: Sources said the US investment banking giant is preparing to unveil its digital retail bank Chase within the next six months
A source close to the plans said that Chase would differ from Marcus because it is hoping customers will move their salaries to its digital current account.
This would give it a vast trove of spending and earning data, which it could use to cross-sell products, such as credit cards and loans tailored to specific customers.
It is understood that Chase would be launched in the UK before being rolled out across Europe and around the world.
The plan comes after JP Morgan was hit by the backlash over its role in financing the European Super League – the short-lived breakaway top-level football competition.
The bank has also come under fire in recent years over its links to Jeffrey Epstein, the American financier and convicted sex offender, who was a customer of its private bank.
Preparations for the launch of Chase come as one of its technology partners, 10x Future Technologies, is thought to be close to finishing a fundraising of about $100 million (£75 million). The firm was founded by former Barclays boss Antony Jenkins in 2016.
JP Morgan declined to comment.
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