Nutmeg Parts Ways with JPMorgan and Nutmeg

Nutmeg chief executive (CEO) Sanjiv Somani has quit his role at the JPMorgan Chase-owned digital wealth manager.

Somani, who was managing driector in charge of the US bank's launch into the UK, was in the top job at Nutmeg for under a year.

A Companies House filing states Somani resigned as a director at both businesses on 6 August 2023. Somani remains an active director at 10x Banking Technology, which supplied the bank with its UK tech platform.

Nutmeg was bought by JPMorgan Chase for £700 million, but has posted consistent losses, reporting a £15m loss for 2020 and a £19m loss in 2021.

It is understood that Sanoke Viswanathan who heads up JP Morgan's International Consumer Banking division in London will oversee the digital wealth manager.

(Source: Finextra)