JPMorgan Chase & Co (JPM) is set to launch a digital retail bank under its Chase brand with headquarters in Canary Wharf, London with a contact center in Edinburgh. The bank will provide products and features tailored to meet the needs of customers in the U.K., delivered via an innovative mobile app. Sanoke Viswanathan, formerly serving as Chief Administrative Officer and Head of Strategy at J.P. Morgan’s Corporate & Investment Bank has been appointed CEO of the digital bank.
Gordon Smith, CEO of Consumer & Community Banking and co-President of JPMorgan Chase stated, “We are bringing Chase to the U.K. because we want to provide customers with a new banking choice – one that will enable them to benefit from a simple and exceptional banking experience, built on the significant capabilities of JPMorgan Chase.”
The business has already created 400 jobs in the U.K. and has plans to hire more as it grows. A U.K. based subsidiary of JPMorgan Chase is licensed to operate the business. The bank aims to offer a range of products starting with a new take on current accounts. Chase’s U.K.-based customer contact center will be central to the proposition, providing personalized service around the clock, and providing fast access. The offering is under its pilot internal testing phase, prior to being available for public release.
“Our decision to launch a digital retail bank in the U.K. is a milestone, introducing British consumers to our retail products for the first time,” “This new endeavor underscores our commitment to a country where we have deep roots, thousands of employees and offices established for over 160 years.” stated Daniel Pinto, JPMorgan Chase’s London-based co-President.
JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.
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