JPMorgan Chase to Launch Digital Retail Bank for U.K. Customers

JPMorgan Chase, a leading global financial services firm, announced that it will launch a digital retail bank in the coming months, offering U.K. consumers a completely new banking choice.

According to the statement, the new business is based in London with a contact centre in Edinburgh, which has already created over 400 jobs in the U.K., and it is planning additional hires as the business grows.

Operated by a U.K. based subsidiary of JPMorgan Chase, the digital bank will be regulated by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

Further, Sanoke Viswanathan, former Chief Administrative Officer and Head of Strategy at J.P. Morgan's Corporate & Investment Bank, has been appointed CEO of the digital bank.

Combining the reassurance of an trusted bank with a seamless customer experience, the new digital bank will provide its U.K. consumers with a unique opportunity to make a difference and offer a range of products starting with a new take on current accounts.

Daniel Pinto, JPMorgan Chase's London-based co-President said:”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 endeavour underscores our commitment to a country where we have deep roots, thousands of employees and offices established for over 160 years.”